Brammo Inc., a developer of electric vehicle technology and manufacturer of two-wheel electric vehicles, has closed the first $13-million tranche of a $45 million Series C funding round designed to accelerate the company’s development plans.
The first tranche of the financing was led by Polaris Industries and included contributions from other undisclosed investors. Polaris, a leader in the powersports industry, is a strategic partner for Brammo, bringing both investment and opportunities to integrate Brammo Electric Vehicle (EV) drivetrain technology into multiple powersports platforms.
This $13 million round of financing puts Brammo on strong footing to continue to execute, deliver and expand distribution of our electric motorcycles to our customer pipeline. his funding will ensure we continue to accelerate production to capitalize on the growing demand for electric motorcycles.—Craig Bramscher, CEO of Brammo
With annual 2010 sales of $1.99 billion, Polaris designs, engineers, manufactures and markets off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER for recreational and utility use, snowmobiles, motorcycles and on-road electric powered vehicles.
Polaris continues to invest in the global on-road low speed vehicle industry with internally developed vehicles and the acquisition of Global Electric Motorcars (GEM).
Brammo designs and develops electric vehicles including the Encite, Enertia, Empulse and Engage motorcycles. Brammo is the current TTXGP eGrandPrix champion of North America. Brammo is an OEM supplier of its Brammo Digital Drivetrain systems including the Brammo Power battery pack and Brammo Power vehicle management system. Brammo has vehicle distribution and marketing operations in North America, Europe and Asia.