ISE, a bus manufacturer located in Poway, Calif., has raised $5.5 million of a planned $25 million fourth round of funding, according to peHUB.
It’s easier to convert a bus into a hybrid electric vehicle. The vehicles already cost hundreds of thousands of dollars new, with much invested in the chassis and body, so the cost of adding expensive new components and batteries causes less of a percentage increase than with hybrid or electric cars.
ISE’s vehicles come in four varieties: gasoline and diesel hybrids, fuel cell vehicles, and one that uses hydrogen, called an HHICE. A fifth type uses compressed natural gas (CNG).
Siemens Venture Capital is leading the ongoing round, with participation from Natural Gas Partners and Rockport Capital Partners. The company also recently hired a new CEO, Richard Sander, who has experience in manufacturing and supply chain management.
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