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GE Capital to provide financing for electric motorcycle maker Brammo
10 July 2012
GE Capital’s Commercial Distribution Finance (CDF) business has agreed to provide Brammo Inc. with inventory financing to support the expansion of its dealer network in the US. The Ashland, OR-based manufacturer designs and develops electric motorcycles.
We’ve proven that we can successfully marry technology with performance and now we’re ramping up our efforts to deliver our unique products to the marketplace. This program with GE Capital will support the rapid growth of our distribution network, allowing leading motorcycle dealerships to capitalize on the growing demand for electric motorcycles.—Craig Bramscher, founder and CEO of Brammo
CDF already provides inventory financing for other brands of alternative fuel and hybrid motorsports products. This type of arrangement, also known as floorplan financing, allows dealers to stock, market and sell a wide variety of motorcycles and related products from manufacturers. It is an important element of a successful manufacturer-dealer business model.
GE owns one of the world’s largest vehicle fleets and operates a leading global fleet management business, GE Capital, Fleet Services. By 2015, GE has committed to purchasing 25,000 electric vehicles for its own fleet and for those of its customers. On 31 May, GE Capital, Fleet Services opened the GE Vehicle Innovation Center at its headquarters in Eden Prairie, MN. The center provides customers with first-hand experience with alternative fuel vehicles and GE’s enabling technologies. Brammo products are on permanent display at the Vehicle Innovation Center.
Brammo designs and develops electric vehicles including the Encite, Enertia, Empulse and Engage motorcycles. Brammo is the current TTXGP eGrandPrix champion of North America. In addition, the company is an OEM supplier of the Brammo Digital Drivetrain systems, including the Brammo Power battery pack and Brammo Power vehicle management system. It has vehicle distribution and marketing operations in North America, Europe and Asia. Investors include Polaris, Best Buy, Chrysalix and Alpine Energy.
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