Michigan Co. Raises $3.2 Million To Develop Hybrid Buses

Jan 30 2009 | 11:13am ET

Fisher Coachworks, a Troy, Michigan-based company, has raised $3.2 million from 10 unnamed investors in a $4.25 million Series A fundraising push to develop its hybrid-electric buses, according to a regulatory filing.

Fisher will put $200,000 of the money raised toward salaries and fees and another $500,000 toward machinery purchases, according to the filing.

Fisher’s first bus model is the GTB-40, a 40-foot serial drive hybrid the company says is half the weight of its rivals and twice as fuel efficient. The bus is comparatively lightweight thanks to Nitronic, a stiffer alloy of stainless steel made by the AK Steel Co.

The GTB-40 successfully completed DOE load-test requirements last September and will now undergo tests for braking, suspension durability, bumper protection, passenger safety and overall maintainability.

Fisher says it expects to begin assembly operations this year.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...