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Brammo raises $28 Million from Polaris Industries for Electric Motorcycles
October 27th, 2011 1 comment
Brammo, the Ashland, Ore. – based maker of electric motorcycles, has recently announced the end of the round B of funding which has brought the company the amount of $28 million. This funding round has been led by Polaris Industries.
Scott Wine, the CEO at Polaris, stated the following: “We are excited to advance our electric vehicle capability by establishing Polaris as a business partner and part owner of Brammo, one of the most innovative and aggressive companies I have found in the electric motorcycle space. Our companies share a passion for performance, and I look forward to exploiting the numerous opportunities created by pairing Brammo’s industry-leading electric power train technology with Polaris’s vast array of market-leading power sports products. This is a small but important investment for Polaris in an electric vehicle market that we feel is poised for significant growth.”
The company has been founded in 2002 and it has quickly become one of the market’s leaders. The company specializes in developing solutions for the motorcycle world, providing electric vehicle technology. At the moment, the company offers the Enertia line of motorcycles, which are capable of speeds in excess of 60mph and ranges up to 80 miles on a single charge. At the moment, the company is developing a new prototype which should be able to reach more than 100 miles on a single charge. The money raised in this new round of funding is intended to be used in order for Brammo to become the leader of the market and to expand its sales. The company also produces and distributes the Brammo Digital Drivetrain and the Brammo Power battery back, which can be used by manufacturers in their vehicles.
Craig Bramscher, the founder and CEO of the company, stated the following: “We have always been impressed with Polaris’ leadership within the motorsports industry. Polaris is a company founded on innovation and quality, and as such their decision to partner with Brammo is a resounding endorsement of our technology. This is a terrific scenario for Brammo’s customers, as we bring Polaris’ legendary engineering, manufacturing, and customer service expertise to bear on our products.”
According to the funding deal, Polaris is going to use the technology made by Brammo in its own products and it will collaborate with the company in order to ensure the growth of their core business. Polaris and Brammo bring different competencies and assets to this partnership and they expect that this new formula of work is going to help both the partners to grow quicker and faster.
Craig Bramscher added the following: “We are excited to add Polaris Industries as a valued strategic partner. Brammo and its partners are combining forces to gain dominance in the EV power sports market.”
Polaris is a company which produces a large variety of vehicles for outdoor recreation, some of which function on electricity.
Brammo has previously raised the amount of $10 million from Chrysalix Energy Venture Capital and Best Buy Venture Capital.
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