Alta Motors secures $27 million to boost electric bike production

Alta Motors secures $27 million to boost electric bike production

Californian based motorcycle maker Alta Motors has secured $27 million of preferred stock as part of its finance strategies to boost production of electric motorcycles. The company had previously raised $16.2million.

According to sources, the financing is just in par with other top bike makers such as Polaris Industries Inc, Energica Motor Co. and Lightning Motors Corp, which all offer electric motorcycles. Demand for electric bikes are rising in accordance with policies of a much greener industry to combat pollution.

“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,” said Alta Motors Chief Executive Officer Marc Fenigstein.

Also, Fenigstein added that the funds will be used to increase distribution and production of its all-electric Redshift bike. The firm has developed a new battery pack to store more energy per kilogram than anyone else in the lightweight electric vehicle industry.

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