Cycle News is a weekly magazine that covers all aspects of motorcycling including Supercross, Motocross and MotoGP as well as new motorcycles
Issue link: https://magazine.cyclenews.com/i/836037
IN THE WIND P50 ALTA RAISES $27 MILLION IN FUNDING E lectric motorcycle manufac- turer Alta says it has closed a total of $27 million in funding. The company secured the funding via Venture Capital firm Mountain Nazca as well as team- ing with motorcycle industry legend, Bob Fox (founder of Fox Racing Shox), among others. The new funds will provide the financial impetus for a host of new projects, including expan- sion of the existing manufactur- ing and R&D facility in Brisbane, California, as well developing new models for the Lightweight Vehicle (LWV) market, which is valued at over $125 billion annu- ally. New board members include Travis Bradford, Professor of Practice and Director of the En- ergy and Environment graduate program at Columbia University, and Hector Sepulveda, Manag- ing Partner at Mountain Nazca. "Alta has taken a Trojan horse approach to this market since its inception, delivering a robust and exciting motorcycle into the performance off-road segment. But underneath, Alta has quietly achieved amazing success in advanced core vehicle technolo- gies including the highest en- ergy density of any commercial- ized pack in transportation, even Tesla's," said Bradford. "It now holds a portfolio of patents for its proprietary battery pack, drive- train and chassis technologies. The fundamental advantage of this IP is that it gives Alta both performance/cost and perfor- mance/weight ratios that put it years ahead of the rest of the industry, and all of this technol- ogy is now commercialized and vetted in the most demanding environment a vehicle can face. Pretty impressive stuff." Alta was founded in 2010 and the last 12 months have seen the company go from strength to strength, with AMA Pro racer Josh Hill taking the Redshift MX to a sensational fourth place in the 2016 Red Bull Straight Rhythm event at Pomona, Cali- fornia. However, the additional fund- ing and new company members mean Alta is not just focused on pro-level supercross success, with eyes to move further into the electric personal mobility industry. "After demonstrating our drivetrain and battery solutions in demanding off-road condi- tions, we now have an electric mobility platform that offers broad applicability to other product classes, from urban transport to utility vehicles," said Marc Fenigstein, CEO and Co-Founder of Alta Motors. "As traditional automotive loses its transportation crown, this is a pivotal moment for us and for the industry; we are breaking barri- ers 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." CN With lots of money coming in, expect some new bikes soon from Alta.