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ISE Corporation completes $17.5 million equity financing with Siemens Venture Capital as lead


SAN DIEGO, CA, November 17, 2008 — ISE Corporation (“ISE”), Siemens Venture Capital (“SVC”), Macquarie Clean Technology Fund (“Macquarie”) and DTE Energy Ventures, Inc. (“DTE EV”) today announced the completion of a $17.5 million equity investment in ISE, a leading supplier of advanced hybrid-electric drive systems and components for heavy-duty vehicles. This Series D preferred stock financing also includes additional investments from RockPort Capital Partners (“RockPort”) and NGP Energy Technology Partners (“NGP”), investors in ISE’s previous Series C and Series B preferred stock financings. The funds will be used to continue ISE’s rapidly growing sales to the transit bus marketplace in the US and Europe and the expansion of the company’s prominent energy storage systems.

“ISE has become a leader in the development and sales of series hybrid drive systems for heavy duty vehicles” said Gerd Goette, Managing Partner of SVC “with an exciting backlog of orders for new diesel, gasoline and hydrogen systems. The Siemens Industry Sector has been working closely with ISE for a number of years and has a sales agreement with ISE.” ISE is the preferred distributor for Siemens heavy duty motors, generators and inverters in the United States for transit bus applications.

“As the worldwide leader in numerous areas of electronics and engineering, Siemens offers ISE support and credibility as we address the rapidly growing worldwide market for hybrid systems for heavy duty vehicles,” said David Morash, ISE’s Chief Financial Officer. “The additions of Siemens Venture Capital, Macquarie and DTE EV as investors offer further financial strength in these challenging times, along with the continued support by NGP and RockPort.”

ISE is a leading designer, developer and manufacturer of hybrid-electric drive systems and components for heavy-duty vehicles, such as transit buses and trucks. In addition, ISE is a world leader in energy storage systems and fuel cell control technologies for heavy-duty vehicles, and the preferred distributor and system integrator of Siemens ELFA® electric and hybrid-electric drive components for the U.S. transit bus market. To date, ISE has delivered more than 200 hybrid-electric drive systems which have logged over 9 million miles.

ISE specializes in the production of “series” hybrid systems, where the combustion engine is completely decoupled from the driveline and used only to generate electrical power, thereby allowing the engine to operate in a smoother and more efficient mode. ISE has developed proprietary control systems, comprised of both hardware and software that govern energy use to increase fuel efficiency and reduce emissions. ISE has also developed advanced energy storage systems and electrically-driven accessories that provide operational and performance advantages. ISE combines its proprietary control systems, advanced energy storage systems and electrically-driven accessories with electric motors, motor controllers, generators and other high quality components that it develops internally or purchases from industry leading suppliers, such as Siemens.

About ISE Corporation:
ISE Corporation, based in San Diego, CA, is a leading supplier of hybrid drive systems and components for heavy-duty vehicles such as buses, trucks, trams, airport equipment, and military vehicles. ISE is a world leader in electric, hybrid-electric, and fuel cell technologies, and the only authorized distributor of Siemens ELFA® electric and hybrid-electric drive components for the U.S. transit bus market. www.isecorp.com

About Siemens Venture Capital:
Siemens Venture Capital (SVC) is the corporate venture organization for Siemens AG, one of the largest global electronics and engineering companies, with reported worldwide sales of more than 72 billion Euros in fiscal 2007.

SVC's goal is to identify and fund investments in emerging and innovative technologies that will enhance the core business scope of Siemens, particularly in the focus areas of long-term growth markets such as Energy, Industry and Healthcare.

To date, we have invested over 800 million Euros in more than 100 companies and 30 venture capital funds, making venture capital at Siemens an integral component of the Siemens innovation and growth strategy and supplementing its in-house research and development activities (3.4 billion euros and 32,500 R&D experts in 2007).

SVC is located in Germany (Munich), in the U.S. (Palo Alto, CA and Boston, MA), in China (Beijing), in India (Mumbai), and is active through Siemens´ regional unit in Israel.

SVC is part of Siemens Financial Services and of a greater network at Siemens whose mission is to drive technological innovation by supporting startup companies. In addition to Siemens Venture Capital, Siemens Technology Accelerator and Siemens Technology-To-Business Center also contribute to Siemens’ innovation strategy. Their individual mandates are defined according to financing stages and industry focus. More information can be found at: www.siemensventurecapital.com

About Siemens Financial Services:
Siemens Financial Services (SFS) is an international provider of financial solutions in the business-to-business area. With about 1,900 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, we support Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare. We finance infrastructure, equipment and working capital and act as a competent manager of financial risks within Siemens. By leveraging our financing expertise and our industrial know-how we create value for our customers and help them strengthen their competitiveness. For more information see: www.siemens.com/finance.

About Macquarie Clean Technology Fund:
Macquarie Clean Technology Fund is a fund of private equity funds. The Fund has been designed to provide investors with investment exposure to the rapidly growing Clean Tech sector of the international private equity market and aims to deliver strong private equity type returns over the life of the Fund. The Fund leverages the expertise of Macquarie’s dedicated specialists in sourcing, structuring, and monitoring investments with private equity managers that have a Clean Tech focus. The Fund is diversified by geography, investment stage, manager and vintage years.

Macquarie Clean Technology Fund is managed by a member of Macquarie Group, a global provider of banking, financial, advisory, investment and funds management services. With total assets under management of over $200 billion (at June 30, 2008) Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world.

About DTE Energy Ventures, Inc.:
With over a decade of investing experience, DTE Energy Ventures, headquartered in Ann Arbor, Mich., is at the forefront of emerging energy technologies. To date, DTE EV has invested over $100 million in energy-related companies and funds, making us one of the largest Michigan-based venture capital operations. DTE Energy Ventures investment focus is in four areas: renewables, energy efficiency, energy storage/electric drive, and environmental control. DTE EV seeks to build value by creating mutually rewarding partnerships with portfolio companies that leverage DTE Energy’s extensive energy industry knowledge. The company is a subsidiary of DTE Energy Company (NYSE: DTE), a diversified energy company involved in the development and management of energy-related businesses and services nationwide. Information about DTE EV is available at www.dteenergyventures.com.

About NGP Energy Technology Partners:
NGP Energy Technology Partners, L.P. is a $148 million fund investing growth equity capital in companies providing technology-related products and services to the oil and gas, power, and alternative energy sectors. The fund is managed by investment professionals with extensive experience investing in virtually all types of energy technologies and a strong track record of helping companies grow, create value, and establish strategic partnerships. NGP Energy Technology Partners is an affiliate of NGP Energy Capital Management, a leading investment firm with $9.5 billion of capital under management. www.ngpetp.com

About RockPort Capital Partners:
RockPort Capital Partners is a venture capital firm based in Boston, MA that invests in companies in the energy, environmental and advanced materials sectors. The firm is committed to companies with breakthrough technologies that deliver significant economic value to large potential markets. With the closing of RockPort Capital Partners II, L.P. in January 2006, RockPort has now raised over $380 million for venture investments. For more information: www.rockportcap.com

ISE Contact:

Gary Willms
Vice President Business Development, ISE Corporation
gwillms@isecorp.com


Publisher Contact Information:

ISE Corporation
-
gwillms@isecorp.com

Company profile of Siemens Venture Capital GmbH (SVC)
Past press releases of Siemens Venture Capital GmbH (SVC).

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