The amount of the deal was not disclosed.
In addition, Polaris is acting as a leading investor in a recapitalization of Brammo that enables the company to focus on the design, development and integration of electric vehicle powertrains.
Going forward, Brammo will market a variety of electric vehicles utilizing its lithium-ion electric drivetrain technology, while freeing the company to continue developing its electric vehicle powertrains. Brammo supplies these products, including the Brammo Power™ battery pack and Brammo Power™ vehicle management systems, globally to a wide range of OEMs. As part of this transaction, Polaris will utilize the assets acquired to begin manufacturing electric motorcycles in the second half of 2015 at its Spirit Lake, IA facility.
Led by Scott Wine, Chairman and CEO, Polaris designs, engineers, manufactures and markets off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER® and RZR® side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles.
It has been a strategic investor and partner with Brammo since 2011.
Brammo designs and develops electric vehicles including the Enertia and Empulse motorcycles and is an OEM supplier of its innovative Brammo Digital Drivetrain systems including the Brammo Power battery pack and Brammo Power vehicle management system. It has vehicle distribution and marketing operations in North America, South America, Europe, and Asia.
12/07/2012: Brammo Closes First $13M Tranche of $45M Series C Funding
26/10/2011: Brammo Closes $28M Series B Funding Round