Brammo Inc., a leading developer of electric vehicle technology and manufacturer of two-wheel electric vehicles, announced today it 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 recognized 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," said Craig Bramscher, CEO of Brammo. “This funding will ensure we continue to accelerate production to capitalize on the growing demand for electric motorcycles.”
With annual 2010 sales of $1.99 billion, Polaris designs, engineers, manufactures and markets innovative, high quality 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 is a recognized leader in the powersports industry, among the global sales leaders for both snowmobiles and off-road vehicles. The Company has established a presence in the heavyweight cruiser and touring motorcycle market with Victory motorcycles and the acquisition of the Indian motorcycle brand. Additionally, 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). Polaris enhances the riding experience with a complete line of Pure Polaris apparel, accessories and parts, available at Polaris dealerships.
Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII”, and the Company is included in the S&P Mid-Cap 400 stock price index.
Information about the complete line of Polaris products, apparel and vehicles accessories are available from authorized Polaris dealers or anytime at www.polarisindustries.com
Brammo, Inc., is a leading electric vehicle technology company headquartered in North America. 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 innovative 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. To learn more, visit www.brammo.com