ASHLAND — Minnesota-based off-road and powersports vehicle maker Polaris Industries has acquired a stake in electric motorcycle developer and manufacturer Brammo Inc.
Privately held Brammo said this morning it has completed a $28 million Series B stock sale led by Polaris Industries that included existing shareholder Alpine Energy and new shareholder NorthPort Investments LLC of Northfield, Ill.
Ashland-based Brammo said the cash infusion will accelerate the company's development plans and broaden Brammo's range of markets for use of its drivetrain technology.
The move comes on the heels of Brammo's September acquisition of Quantyaparx, a chain of European race tracks exclusively used by electric dirt bikes. The oldest of the 16 dirt bike tracks in Austria, Germany, Spain, Sweden and the United Kingdom.
"Brammo and its partners are combining forces to gain dominance in the EV powersports market," said Craig Bramscher, founder and chief executive officer.
The foundation of Brammo's success lies in its innovative battery and powertrain technology, which is integral to its expanding product line, including the
In the past four years, Brammo has developed several models: Enertia, an urban commuter bike; Empulse, a sports motorcycle; along with Engage and Encite, super moto and off road motorcycles.
The Enertia bikes are built in Sarvar, Hungary and Brammo Power battery pack production will soon begin at Frickenhausen, Germany.
"The strategic part of the relationship can mean many things," Bramscher said. "We are not getting specific, but they have capabilities and global reach that could help us in distribution, financing and growth."
The latest round of funding allows Brammo to boost research and development activity at the Ashland headquarters, while growing production near prime European and Asian sales markets.