Michigan Co. Raises $3.2 Million To Develop Hybrid Buses

Jan 30 2009 | 12:13pm 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

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...