SOURCE: ISE Limited

ISE Limited

June 22, 2010 07:05 ET

ISE Signs Exclusive 5-Year Agreement With Optare UK Ltd to Supply Ultra-E Energy Storage Systems and Launches Production of Commercial Quantities

ISE to Supply Its Ultracapacitor-Based Energy Storage Products

ISE Secures an Initial Order for 66 of Its Ultra-E™ Energy Storage Systems

SAN DIEGO, CA--(Marketwire - June 22, 2010) -  ISE CleanTech, Inc., a wholly-owned subsidiary of ISE Limited (TSX: ISE), a leading developer, manufacturer and distributor of energy storage systems (ES Systems) and heavy duty hybrid-electric drive systems, signed a 5-year exclusive supply agreement with Optare UK Ltd, effective June 21st. ISE secured its initial order for 66 ISE Ultra-E™ ES Systems with 22 systems to be delivered in 2010.

Optare, a leading manufacturer of electric and hybrid-electric vehicles, designs, manufactures, and sells single deck and double deck buses and mini coaches and offers comprehensive post-sales service via operations throughout Continental Europe, North America, and elsewhere. As announced on May 10th, Optare won an award for up to 66 units, or 100% of the hybrid bus order, from Greater Manchester Integrated Transport Authority (GMITA). 

"Our initial purchase order and 5-year exclusive agreement with Optare establishes ISE as the supplier of choice for ultracapacitor-based ES Systems," stated Rick Sander, CEO and president of ISE. "We look forward to partnering with Optare as it deploys hybrid buses under the GMITA order. This significant order with Optare demonstrates the robust opportunities for deploying our ES Systems to OEMs worldwide."

Glenn Saint, Optare's commercial director, stated, "As not all hybrid buses are the same, we needed to ensure our low emission vehicles were each powered efficiently and effectively. After an extensive evaluation process, we choose ISE as our exclusive supplier for ultracapacitor-based ES Systems because of its rugged, modular and scalable designs. ISE's Ultra-E ES System is clearly the best solution for our hybrid vehicles. We are confident that our selection of ISE will enable us to fulfill what represents the single largest order for hybrid buses so far to be placed with help from the Green Bus Fund. Our partnership also enhances Optare's leadership position in this highly-competitive hybrid vehicle market."

According to Frost & Sullivan as of December 2009, the estimated global hybrid and electric heavy commercial vehicle demand, which represents part of the addressable market for energy storage systems, is expected to reach approximately 240,000 units produced by 2015. 

Alex Bernasconi, senior vice president of sales and marketing at ISE, stated, "We are excited to work with Optare to equip its hybrid buses with our Ultra-E ES System. As a result of our substantial experience in developing and manufacturing innovative technologies and system solutions, we produced the Ultra-E ES System, which features lightweight construction and an innovative modular design. Our advanced Ultra-E ES System complements the Optare vehicle line-up."

Rob Del Core, director of business development energy storage systems, stated, "After months of exploratory and productive discussion, I am very excited that ISE and Optare have become strategic partners. Together we will bring this exciting technology to the next level."

ISE's Ultra-E ES System is one of the most advanced energy storage systems available on the market today. Included in the technology design is an intelligent battery management system that actively monitors each cell. The system is fully integrated with the following features:

  • Thermal management through active-liquid cooling
  • Pre-charge isolation management
  • High voltage and current sensing
  • Main contactors
  • System diagnostics and prognostics
  • Environmentally sealed to IP67 / IP6k9k specifications

This robust feature set enables ISE's Ultra-E ES Systems to interface with a range of high duty cycle applications around the world such as mining, heavy-duty trucking, rail, and smart grid energy/power management systems.

About Optare
Optare (www.optare.com) is one of the most respected names in the bus and coach industry. The company designs, manufactures and sells single deck and double deck buses and mini coaches and offers a comprehensive after sales service. Its buses operate in the UK and Continental Europe.

About ISE Limited
ISE Limited (www.isecorp.com) is a leading developer, manufacturer and distributor of Energy Storage Systems (ES Systems) and Heavy Duty Hybrid-Electric Drive Systems (Hybrid Systems). ISE products are developed based on our core proprietary technology, which focuses on three critical subsystems: energy storage, controls software, and power electronics. ISE specializes in series hybrid-electric and all-electric/zero emission technologies, and offers industry-leading ES Systems and Hybrid System components. Over the past 10 years, ISE has sold over 300 Hybrid Systems that have demonstrated reliability and performance in over 13 million miles of fleet operation.

Established in 1995, ISE is headquartered in San Diego, California. ISE's history of innovation and technological leadership has resulted in the design and development of systems and components that deliver superior operating performance. For more information visit www.isecorp.com.

Caution Regarding Forward-Looking Statements
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ISE, the ISE logo and Ultra-E are trademarks of ISE Limited. Other brand or product names are trademarks of their respective holders. Copyright © 2010 ISE Limited. All rights reserved.