Polaris invests in electric motorcycle maker Brammo
'We are excited to advance our electric vehicle capability by establishing Polaris as a business partner and part owner of Brammo, one of the most innovative and aggressive companies we have found in the electric motorcycle space," Polaris Chief Executive Scott Wine. "This is a small, but important, investment for Polaris in an electric vehicle market that we feel is poised for significant growth."
The Polaris investment was part of $28-million funding deal for Brammo; additional contributions came from existing shareholder Alpine Energy and NorthPoint Investments.
The Polaris investment gives the Medina, Minn., manufacturer access to Brammo's proprietary electric vehicle powertrain technology, which has been in development since Brammo's founding in 2002. Polaris will also help Brammo grow its core business, according to a statement released Wednesday.
Brammo, based in Ashland, Ore., manufactures the Enertia electric motorcycle, capable of traveling 80 miles per charge at speeds in excess of 60 mph. In 2012, the company will expand its lineup with its Empulse sportbike capable of traveling 100 mph, and Encite and Engage dirt bikes.
-- Susan Carpenter
Photo: Brammo Chief Executive Craig Bramscher stands next to a Polaris UTV and Brammo Enertia. Credit: Brammo