|EV Deal of the Year Award 2012 Nominee: Polaris Industries et al investment in Brammo|
Type of transaction:
Series C investment round
$13 million (first tranche of a US$45 million round)
Polaris Industries and other investors completed an investment in Brammo, a developer of electric vehicle (EV) technology and manufacturer of two-wheel EVs.
Significance of deal:
Polaris (active in the powersports industry) is a strategic partner for Brammo, bringing both investment and opportunities to integrate Brammo EV drivetrain technology into multiple powersports platforms.
Background to Polaris:
With 2010 sales of $1.99 billion, Polaris designs, engineers, manufactures and markets off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER® for recreational and utility use, snowmobiles, motorcycles and on-road electric powered vehicles. Polaris is a recognised leader in the powersports industry, among the global sales leaders for both snowmobiles and off-road vehicles. The company has established a presence in the heavyweight cruiser and touring motorcycle market with Victory motorcycles and the acquisition of the Indian motorcycle brand. Additionally, Polaris continues to invest in the global on-road low speed vehicle industry, with internally developed vehicles and the acquisition of Global Electric Motorcars (GEM). Polaris enhances the riding experience with a complete line of Pure Polaris apparel, accessories and parts, available at Polaris dealerships.
Polaris Industries Inc. trades on the New York Stock Exchange under the symbol 'PII', and the company is included in the S&P Mid-Cap 400 stock price index.
Background to Brammo:
Brammo Inc., an EV technology company headquartered in North America, designs and develops EVs, including the Encite™, Enertia™, Empulse™ and Engage™ motorcycles. The company is the current TTXGP eGrandPrix champion of North America. Brammo is an OEM supplier of its innovative Brammo Digital Drivetrain™ systems, including the Brammo Power™ battery pack and Brammo Power™ vehicle management system. The company has vehicle distribution and marketing operations in North America, Europe and Asia.
(extract from press release)
"This $13 million round of financing puts Brammo on a 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 capitalise on the growing demand for electric motorcycles."