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.

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