Oregon-based electric motorcycle maker Brammo, Inc. raised $28 million in series B funding to expand its market reach and fund development plans. Polaris Industries, which designs, engineers and manufactures sporting vehicles like all-terrain vehicles s and snowmobiles, led the round.
Based on a filing from the United States Securities and Exchange Commission, Polaris completes Brammo’s initial plans to raise $30 million in September last year. It has already secured $12.5 million of the round by that time.
Other participants in the funding round were NorthPort Investments LLC and existing shareholder Alpine Energy.
Brammo is currently selling three motorcycles. The Enertia electric motorcycle can run for 42 miles on a single charge at speeds of over 60 miles per hour. It has a price tag of roughly $7,995. The upgraded Enertia Plus model which sells at $8,995 has twice the range of its predecessor but is strapped to run at the same maximum speed.
The next electric motorcycle in line for Brammo is the Empulse, a beefed up version of the Enertia which looks more of a scooter, and comes in three models. Its highest model has a top speed of 100 mph and an average range of 60 miles per charge. Its starting price is $9,995 while its flagship model sells at $13,995.
Proceeds from the funding round could be spent on developing its upcoming Engage model. Based on pictures from the company’s website, the vehicle is designed to be a dirt bike different from its initial models which aimed to cater to urban commuters.
People can pre-order the bike starting at $9,995 and comes in four models.
