Polaris Invests Further in Motorcycles, Elec. Vehicles
Polaris Industries, Inc., on Wednesday announced that it has invested in Brammo, an Ashland, Oregon-based maker of electric motorcycles.
Medina-based Polaris didn't disclose the financial terms of the deal, stating only that it bought a minority stake in Brammo.
“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 we have found in the electric motorcycle space,” Polaris CEO Scott Wine said in a statement.
Polaris' investment further bolsters its electric vehicle and motorcycle businesses. The company, which already owned the Victory motorcycle brand, bought Indian Motorcycle in April. It soon after purchased Global Electric Motorcars, LLC, a Chrysler Group subsidiary that manufactures low-speed electric-powered vehicles.
Polaris said that its most recent investment will allow it to access Brammo's proprietary electric vehicle powertrain technology. Brammo, founded in 2002, currently offers a line of motorcycles under the Enertia brand; those motorcycles can travel at speeds faster than 60 miles per hour and can go up to 80 miles on a single charge, according to Polaris. The company is also preparing to add new product lines, including off-road motorcycles.
Polaris is among Minnesota's 30-largest public companies based on revenue, which totaled $1.99 billion in 2010-up 27 percent from 2009. Net income totaled $147.1 million last year, up 46 percent from 2009.