In December, 2004, the North Arrows team led and completed a $6.7 million equity investment in privately held ISE Corporation (ISE), a leading manufacturer of hybrid-electric drive systems for buses and trucks with headquarters and production facilities based in San Diego, CA. The investment in ISE included a $6.0 million preferred stock investment and the conversion of approximately $0.7 million of existing debt into preferred stock.
ISE designs, develops and assembles fully integrated hybrid-electric drive systems and components for large buses, trucks and military vehicles. Hybrid-electric drive systems usually power a vehicle by using a conventional fossil-fueled engine in series or parallel to an energy storage device and electric motor. ISE hybrid-electric drive systems result in much lower emissions and better fuel efficiency compared to standard diesel drive systems. ISE designs and develops control systems and software which govern and optimize the use of energy in hybrid-electric drive systems. ISE combines its control systems with electric motors, generators, and other components purchased from various suppliers, integrating all of the parts into a complete "ThunderVolt™" hybrid-electric drive system that ISE sells to bus and truck manufacturers. ISE drive systems can utilize virtually any type of fuel.