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Zero Motorcycles in Scotts Valley gets $26M to grow

Santa Cruz Sentinel
SCOTTS VALLEY – Zero Motorcycles has secured a $26 million financing deal to boost international growth and develop electrical vehicle technology, the company announced Thursday.

The deal with Invus LP, the company’s principal investor group, closed March 3, just days before the company’s co-founder Neal Saiki retired from his daily operations as chief technology officer of the company. Terms of the deal include a $17 million investment 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,” said Gene Banman, Zero chief executive officer, in a prepared statement.

Banman said the new 2011 lineup of California-designed and assembled electric motorcycles has been well received by the market and press.

“We intend to further accelerate growth and enhance our leadership position,” Banman said.

The focus will be on research and development, particularly in the electric drivetrain technology, he said.

“The company has the strong financial footing it needs to expand the business and move the state of electric motorcycle development rapidly forward.”

Aflalo Guimaraes, managing director of The Invus Group, said the investment reflected enthusiastic support of the company’s technology. Invus, LP has been the principal investor in Zero Motorcycles since 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,” Guimaraes said. “As Zero’s electric powertrain technology continues to advance, we see the potential for Zero to make ever-increasing inroads in the motorcycle market.”

This article appeared here.

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This entry was posted on March 17, 2011 by in Business, Technology.

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