Polaris becomes part owner of Brammo
October 27, 2011
Filed under News
Polaris Industries Inc. announced a minority investment in Brammo, an Ashland, Ore.-based maker of electric vehicle technology and two-wheel electric vehicles. By investing in Brammo, Polaris obtains access to its proprietary electric vehicle powertrain technology, as well as exposure to the rapidly growing electric motorcycle market, company officials said.
Brammo’s $28 million Series B stock sale was led by Polaris and included existing shareholder Alpine Energy and new shareholder NorthPort Investments LLC.
“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 CEO Scott Wine said. “Our companies share a passion for performance, and we look forward to exploiting the numerous opportunities created by pairing Brammo’s industry-leading electric powertrain technology with Polaris’ vast array of market-leading powersports products. This is a small, but important, investment for Polaris in an electric vehicle market that we feel is poised for significant growth.”
Founded in 2002, Brammo has made its mark by developing electric vehicle technology tailored specifically for the motorcycle segment. Brammo currently offers the Enertia line of motorcycles, capable of speeds in excess of 60 mph and ranges up to 80 miles on a single charge. Brammo plans to expand their product line to include high-performance sport motorcycles capable of more than 100 miles on a single charge, as well as a full line of entry- to high-performance dirt and dual-sport motorcycles.
"We have always been impressed with Polaris’ leadership within the powersports industry. Polaris is a company founded on innovation and quality and, as such, their decision to partner with Brammo is a resounding endorsement of our technology,” Brammo CEO and founder Craig Bramscher said. "This is a terrific scenario for Brammo’s customers, as we bring Polaris' legendary engineering, manufacturing, and customer service expertise to bear on our products."
In addition to potentially utilizing Brammo technology in its own products, Polaris will collaborate with Brammo to grow their core business.
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