Alta Motors, a Brisbane, Calif.-based maker of lightweight electric vehicles, raised $27m in financing.
The round was led by Grassy Creek Ventures, with participation from Mountain Nazca and Bob Fox, Founder of FOX Racing Shox Inc., among others.
The company intends to use the funds to expand its existing manufacturing and R&D facility in Brisbane, CA, to further refine its lightweight vehicle technology and solidify its leadership in the lightweight vehicle market (LWV). In conjunction with the funding, Travis Bradford, Professor of Practice and Director of the Energy and Environment graduate program at Columbia University, and Hector Sepulveda, Managing Partner at Mountain Nazca, joined Alta’s board.
Founded in 2010 by Marc Fenigstein, CEO, Alta has developed a mobility platform capable of servicing multiple sectors within the transportation economy. It now offers a complete portfolio of proprietary battery and drivetrain components, an existing fleet of lightweight vehicles manufactured at its Brisbane facility and a full customer backlog.
Currently, the company’s battery pack is capable of 185Wh/kg with plans to achieve 225Wh/kg in commercial production by 2020. Its technology has transformative implications for the entirety of the $125B high-growth LWV Market, which includes mopeds, scooters, motorcycles, tuk-tuks, side-by-sides, urban autonomous vehicles, and delivery drones.