California motorcycle and battery manufacturer keen to grow with new capital
Alta Motors, the company behind the Redshift electric dirtbike featured last month, has its eyes on expansion.
The company has announced the closure of a US$27 million financing round via the issuance of preferred stock. In addition to fuelling the expansion of its existing manufacturing and R&D facility in Brisbane, California, this will enable the company to refine the lightweight vehicle technology on which it has built its brand.
In a press release, the company noted that: “Innovations in energy storage, powertrain design and vehicle architecture are radically transforming the heavy and medium duty fleet markets… Alta has set its sights on tapping into one of the largest and fastest growing global markets: lightweight transportation.”
The company believes it now “leads the industry” in terms of its lightweight offering, which includes proprietary battery and drivetrain components, a fleet of lightweight vehicles and a full customer backlog.
The share issue brings with it new board members, including Columbia University Professor of Practice and Director of the Energy and Environment graduate program, and Mountain Nazca managing partner Hector Sepulveda.
Bradford said: “[Alta] now holds a portfolio of patents for its proprietary battery pack, drivetrain, and chassis technologies. The fundamental advantage of this IP is that it gives Alta both performance/cost and performance/weight ratios that put it years ahead of the rest of the industry, and all of this technology is now commercialized and vetted in the most demanding environment a vehicle can face. Pretty impressive stuff.”
It credits much of its success to its proprietary battery pack, featuring a “stacked honeycomb” architecture. Current packs feature an energy density of 185Wh/kg, and the company plans to achieve 225Wh/kg in commercial production by 2020. It sees major growth potential in this market segment, including packs for mopeds, scooters, motorcycles, tuk-tuks, side-by-sides, urban autonomous vehicles, and delivery drones.
Company CEO and co-founder Marc Fenigstein added: “As traditional automotive loses its transportation crown, this is a pivotal moment for us and for the industry; we are breaking barriers in storage, powertrain and vehicle design. With the support of our incredible set of investors and our world-class team, our sights are set on becoming the de facto platform for the new frontier of lightweight electric transportation.”
With solid capital behind it, and some great technology, we’re interested to see what the company will do next.