Business news :Brammo Drives Growth with a $13 Million closing of a $45 Million Series C
ASHLAND, OR – July 12, 2012 – 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.”
SOURCE: Brammo Inc. / Motor Sports Newswire