|Posted on Wednesday, October 26, 2011 - 12:29 pm: ||
Polaris Announces Investment in Brammo
Powersports Leader Acquires an Interest in Electric Motorcycle Leader
MINNEAPOLIS (10/26/2011) — Polaris Industries Inc. (NYSE: PII) today announced a minority investment in Brammo, an Ashland, Ore.-based maker of electric vehicle technology and two-wheel electric vehicles. By investing in Brammo, Polaris obtains access to their proprietary electric vehicle powertrain technology, as well as exposure to the rapidly growing electric motorcycle market.
"We are excited to advance our electric vehicle capability by establishing Polaris as a business partner and part owner of Brammo, one of the most innovative and aggressive companies I have found in the electric motorcycle space,” said Scott Wine, Polaris CEO. "Our companies share a passion for performance, and I look forward to exploiting the numerous opportunities created by pairing Brammo’s industry-leading electric powertrain technology with Polaris’s vast array of market-leading powersports products. This is a small but important investment for Polaris in an electric vehicle market that we feel is poised for significant growth.”
Founded in 2002, Brammo has made its mark by developing electric vehicle technology tailored specifically for the motorcycle segment. Brammo currently offers the Enertia line of motorcycles, capable of speeds in excess of 60 mph and ranges up to 80 miles on a single charge. Brammo plans to expand their product line to include high-performance sport motorcycles capable of more than 100 miles on a single charge, as well as a full line of entry- to high-performance dirt and dual-sport motorcycles.
"We have always been impressed with Polaris’ leadership within the motorsports industry. Polaris is a company founded on innovation and quality, and as such their decision to partner with Brammo is a resounding endorsement of our technology,” said Brammo CEO and founder Craig Bramscher. "This is a terrific scenario for Brammo’s customers, as we bring Polaris' legendary engineering, manufacturing, and customer service expertise to bear on our products."
In addition to utilizing Brammo technology in its own products, Polaris will collaborate with Brammo to grow their core business. Polaris and Brammo each bring distinct competencies and assets to this partnership, and share cultures centered on a passion for excellence and innovation. This combination of capabilities and culture will allow Polaris and Brammo to create and seize opportunities that neither could capture independently.