Zero Motorcycles announced that it has raised $26 million in additional financing from its investor group, led by Invus, LP. The financing closed on March 3rd, 2011 with $17 million invested and the potential for an additional $9 million over the coming months as the company continues to grow.
"With this investment, we will continue to ramp up our US-based production while rapidly expanding our global sales footprint. Our new 2011 lineup of California-designed and assembled electric motorcycles has been very well received by the market and press, and we intend to further accelerate growth and enhance our leadership position. We are continuing to commit significant R&D resources to our electric drivetrain technology, and are building the leading supply chain in the industry through our own efforts and our partnering with world-class suppliers. The company has the strong financial footing it needs to expand the business and move the state of electric motorcycle development rapidly forward," said Zero, CEO, Gene Banman.
Invus, LP has been the principal investor in Zero Motorcycles since its initial investment in April 2008.
"Zero Motorcycles is well positioned to lead the motorcycle industry in new directions where electric propulsion offers unique advantages over traditional gas-powered motorcycles. As Zero’s electric powertrain technology continues to advance, we see the potential for Zero to make ever-increasing inroads in the motorcycle market," said Aflalo Guimarães, Managing Director of The Invus Group. "We are enthusiastic in our support of the company."
