Mission Motors Raises $3.35M
Mission Motors, a San Francisco-based startup working on electric motorcycles and powertrain technology, has raised more than $3.35 million of a planned $4.68 million equity financing round, according to a filing with financial regulators on Thursday.
Mission Motors’ interim CEO Jit Bhattacharya told us in an interview last month that the startup was looking to raise funds to help set up an assembly facility in California. He said the goal was to have the facility up and running for final assembly of a second-gen electric motorcycle model in 2011 (using components sourced from a variety of global suppliers).
In the meantime, Mission is working to get a limited 50-bike run of its high-end Mission One model into customer hands, with deliveries beginning in the second quarter of next year. The company has also begun talks with China-based motorcycle maker Zongshen Power Machinery to collaborate on development of electrical engine systems, and possibly secure investment for the startup.
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