Zero Receives $26 Million From Investors
“With this investment, we will continue to ramp up our US-based production while rapidly expanding our global sales footprint,” says Gene Banman, chief executive officer of Zero Motorcycles. “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.”
Most of the financing comes from Zero’s lead investor, The Invus Group, a private investment firm which first began financing the electric motorcycle maker in 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,” says Aflalo Guimaraes, managing director of The Invus Group. “We are enthusiastic in our support of the company.”
The added financing will help Zero continue to develop its electric motorcycle technology while strengthening the company’s supply chain.
“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,” says Banman. “The company has the strong financial footing it needs to expand the business and move the state of electric motorcycle development rapidly forward.”
The additional investment comes as Zero says goodbye to its founder Neal Saiki whose departure was announced earlier this month.
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