Brammo closes on $13M, signs with GE Capital
By Christina Williams
Sustainable Business Oregon editor
The Brammo Empulse R was unveiled in May. Ashland-based Brammo announced new dealer financing and the first close of its Series C this week.
Brammo Inc. announced Thursday morning it closed on the first $13 million of a planned $45 million Series C funding round.
The investment was led by Polaris Industries (NYSE: PII), which came on as a Brammo investor last October during the Ashland-based electric motorcycle company's Series B.
"This $13 million round of financing puts Brammo on strong footing to continue to execute, deliver and expand distribution of our electric motorcycles to our customer pipeline," said Craig Bramscher, CEO of Brammo, in a statement. "This funding will ensure we continue to accelerate production to capitalize on the growing demand for electric motorcycles."
GE Capital announced earlier in the week that it would provide inventory financing to Brammo as it expands its network of dealerships across the country. Backing from GE Capital's Commercial Distribution Finance Business provides credibility to Brammo as a young company in a still-new market for electric vehicles.
"GE Capital is a huge feather in our cap," said Adrian Stewart, director of sales and marketing for Brammo.
The arrangement with GE Capital, known as floorplan financing, allows dealers to stock, market and sell a wide variety of motorcycles and related products from manufacturers.
"Our deep expertise in the motorcycle sector leads us to believe that dealers are excited about advertising these new products to draw customers into dealerships," said Neeraj Mehta, a GE corporate officer, said in a press release. "We're glad to work with Brammo to drive the adoption of electric vehicles."
Even though the turn of phrase doesn't apply to Brammo's electric motor technology, it would be fair to say the company is firing on all cylinders. Brammo has been a winner on the racetrack and launched its high-end motorcycle, the Empulse, this spring.
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