Electric motorcycle manufacturer Zero Motorcycles has sealed a commitment for up to $26 million in new financing. Existing shareholder Invus LP led the round, which closed on March 3 with $17 million. An additional $9 million may be added over the next few months, the company said in a statement. Zero Motorcycles is based in Satan Cruz, Calif.
Zero Motorcycles, the global leader in the electric motorcycle industry announced today 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 Guimaraes, Managing Director of The Invus Group. “We are enthusiastic in our support of the company.”
About Zero Motorcycles:
Zero Motorcycles is headquartered near the city of Santa Cruz in Northern California, where Zero Motorcycles designs and assembles 100% of its world-wide production of motorcycles, of which over 50% are exported to Europe, Canada, Australia and elsewhere. It has over 70 employees in California and Europe.
Zero Motorcycles is the next step in motorcycle evolution and represents the ultimate electric motorcycle technology. Unencumbered by conventional thinking about how to design, manufacture, and sell high performance electric motorcycles, we are on a mission to turn heads and revolutionize our industry by combining the best aspects of a traditional motorcycle with today’s most advanced technology.
About The Invus Group:
Invus is a global private investment firm managing approximately $4 billion of capital in an evergreen structure. Its principals work out of offices in New York, Boston, London, Paris, and Hong Kong. Over its 26-year history, Invus has partnered with management teams in a wide range of industries, including consumer packaged goods, consumer services, specialty retailing, software, telecommunications, clean technologies, medical devices, and biotechnology, producing rates of return at the very top of the private equity industry.