Brammo, a North America-headquartered electric vehicle technology company, declared that it has concluded a $28 million Series B financing round in order to speed-up the development plans of the company.
Craig Brahmscher Founder and CEO of Brammo Inc. Credit: Business wire
A major share of the funding was contributed by Polaris Industries. Alpine Energy, an existing shareholder of the company and NorthPort Investments paid for additional shares. Polaris, which has joined Brammo team as a key strategic partner also brings in its expertise to expand the choice of markets available for drive-train technology and expertise of Brammo Electric Vehicle (EV).
Brammo utilizes its novel powertrain and battery technology as an integral part of its growing product range, which includes its off-road motorcycle models Encite-supermoto and Engage , Empulse sports motor cycle and Enertia, an urban commuter model. The EV technology supplied by the company has potential to penetrate both low speed vehicles and power sports vehicles market. The company has entered into a strategic alliance with Polaris to develop its leadership position in the two wheeler EV segment to widening its growth, geographic reach and product development while concurrently growing in areas such as customer service, performance and quality improvement.
Flextronics, a manufacturing partner of the company assists Brammo in effective purchase, optimization of its supply chain and assembly. Furthermore Flextronics associates with Brammo on the design of its battery package and also offers Brammo its design for manufacturing (DfM) services. Presently, Flextronics is utilizing its Sarvar facility in Hungary to manufacture Enertia and will soon commence the manufacture of Brammo Power battery packs at its Germany located Frickenhausen facility.
Source: http://www.brammo.com/home/