Zero Motorcycles wins $17 million in financing
Electric motorcycle maker to expand U.S. production and international sales. It also has the potential to get $9 million more in coming months from lead investor.
Zero Motorocycles has secured $17 million in financing from a group of investors led by Invus.
The Santa Cruz-based motorcycle manufacturer said today that it closed the financing deal on March 3 and plans to use the funds to increase its production capacity and expand its international sales. In addition to the initial funding, the company said it also has the opportunity for an additional $9 million in the coming months per the terms of the deal.
Zero Motorcycles, which is known for its all-electric drive train on street-legal motorcycles, does its manufacturing at a plant in the U.S., although some parts are imported from international suppliers. The company employees about 70 people.
Its. Most notably, the company introduced the ability to accept DC (direct current) power from fast-charging stations with the use of a plug-in accessory to fit a standard SAE J1772 plug. Zero also switched from a chain to a belt drive system, which in addition to making maintenance easier has also made the bikes very quiet for a motorcycle.
Two of the motorcycles, the Zero DS and Zero S, also got battery upgrades, making it possible to drive more miles between charges. The 2011 Zero DS has a range of about 58 miles and retails for about $10,495. Its biggest advertisement seems to be that its 2010 version was adopted by a California police department, with several more departments evaluating the new version.