Mission Motors is one of the leaders in electric motorcycle technology, and the company just took another big step in the right direction. Mission Motors announced today that it has just closed a $9 million Series B financing round led by Warburg Pincus, a leading global private equity firm.
The latest round of funding brings Mission Motors total up to about id="mce_marker"5 million. Warburg Pincus will give an initial $7.5 million to the company and has the right to periodically make more investments.
"We are proud to have a firm as respected as Warburg Pincus leading our Series B round," said Mission Motors CEO, Jit Bhattacharya. "With this funding, we plan to grow our powertrain technology business by becoming a reliable production supplier to our OEM customers. The financing adds to what has already been a big year for our company. With the backing of Warburg Pincus, we will be able to build on our recent accomplishments, taking the powertrain technology that we have developed and integrating it into high-volume production vehicles."
Mission Motors is probably best known for their work with electric motorcycles, but the company isn't limiting itself to two wheels. Mission Motors is developing its powertrain technology to take all electric vehicles to the next level.
"Mission Motors has developed innovative and flexible electric drive system technology, which can be applied to a range of vehicle types," said Michael Graff, a managing director at Warburg Pincus. "We believe they are well positioned to take advantage of the strong growth in this segment, and we look forward to partnering with Jit and the Mission Motors leadership team."
Mission Motors has had a pretty good year so far. The company's record breaking lap at the TTXGP race in Laguna Seca proved that Mission Motors powertrain technology is on the cutting edge. With this additional funding, they'll be able to take electric vehicles to the next level.