Volcon ePowersports has announced that it has reached the closing of $17.5 million in funding, which will be used to bolster the growing organization with new company hires and expand production capacity to meet consumer demand.
Effective immediately, Volcon has also appointed Greg Endo as chief financial officer (CFO), where he will be positioned as a key team member during a time when the company’s first products are coming to market.
According to the announcement, in recent months Volcon signed new national and international partnership agreements surpassing 2021 and 2022 sales projections. The new funds will provide Volcon the ability to meet this demand with additional production, engineering and sales staff, as well as double the production lines in Austin, Texas, to build the Volcon Grunt and Runt, the company’s first family-friendly, all-electric, off-road motorcycles.
Powersports Business previously reported when Volcon first announced the Runt – a two-wheeled, kid-friendly mini bike model. Capable of a 35-mile range, with recharging possible in only two hours with any household outlet, the Runt’s pricing will start at $2,995 (MSRP).
“In my 30 years working in the powersports industry, I’ve never seen this much excitement surrounding the launch of a new product,” said Volcon CEO Andrew Leisner in the announcement. “The momentum grows as we add key leadership appointments, such as Greg Endo as our new CFO, receive new investment and prepare to deliver the first Grunts and Runts with demand well beyond our initial forecasts. This new injection of capital will accelerate our growth even more and help ensure we satisfy customer demand.”
Endo joining as CFO brings more than 26 years of experience to Volcon. Prior to Volcon he was an audit and advisory partner with Deloitte & Touche LLP, advising clients in manufacturing, technology and real estate industries. He has assisted clients on merger and acquisition transactions, equity and debt financings, IT implementations and business process design and controls, and will oversee Volcon’s accounting and finance organization as well as work with its strategic partners.
“I can’t imagine a more exciting time to join Volcon. Volcon is leading the way into a more sustainable future for outdoor adventure and Andy and his team are significantly transforming the way people experience the outdoors. I’m delighted to be a part of it,” said Endo in the announcement.
Volcon intends to begin delivery of the four-wheeled “Stag” and “Beast” UTV models in 2022 into 2023, respectively.