Current Motor Company, an Ann Arbor, Mich.-based developer and manufacturer of all-electric motorcycles, has closed a $700,000 first tranch of a $1.5m Series A funding.
The round was led by BELLE Capital, which committed up to $500,000, with participation from the State of Michigan Pre-Seed Fund, Lauren Flanagan, Executive Chair of Current Motor’s Board of Directors, and Bob Lutz who chairs Current Motor’s Advisory Board.
The investment aims to support the recruitment of top management, manufacturing, commercialization, board and advisory board professionals, and accelerate the company’s growth in its EV class.
In conjunction with the funding, Marie Klopf, Venture Partner at BELLE Capital, will serve as Acting Chief Operating Officer. Lauren Flanagan is stepping up to an Executive Chair role until a CEO is hired.
Led by Erik Kauppi, co-founder, Interim President & Chief Engineer, Current Motor develops and manufactures e-motorcycles that use no gas, produce no emissions and are virtually maintenance free.
They offer speeds up to 65 MPH and a range of up to 50 miles on one charge.
FinSMEs
02/05/2011