BELLE Capital is to invest up to USD500,000 in Current Motor Company’s USD1.5 million Series A Preferred financing, scheduled to close in two investment tranches. Other investors joining in the firm’s first investment round included the State of Michigan Pre-Seed Fund, Lauren Flanagan, Executive Chair of the Current Motor Board of Directors, and Bob Lutz who Chairs the Current Motor Advisory Board.
Current Motor develops and manufactures all-electric motorcycles in Ann Arbor, Mich. Current Motor’s e-motorcycles use no gas, produce no emissions and are virtually maintenance free.
“We’re pleased to bring our human and financial capital to a promising company serving the unmet need for affordable, high-performance electric motorcycles,” says Carolyn Cassin, co-Managing Director, BELLE Capital, LP. “Co-Managing Director, Lauren Flanagan, is stepping up to an Executive Chair role until a CEO is hired, and Marie Klopf, Venture Partner at BELLE Capital, is serving as Acting Chief Operating Officer, drawing upon her supply chain expertise to help Current Motor scale its business. Our plan is to support this innovative founding team of engineers by leveraging the wide network of BELLE Capital’s 30 Charter LPs to recruit top management, manufacturing, commercialization, board and advisory board talent, and to help propel the company to leadership of its EV class.”
Erik Kauppi, co-founder, Interim President & Chief Engineer of Current Motor, says: “We’re delighted to have both operational and financial support from BELLE Capital. With BELLE Capital’s assistance, our founding team can focus on developing more engineering breakthroughs of the kind that have permitted us to bring our best value electric maxi-scooter to market at a fraction of the capital cost expended by our competitors.”
Current Motor e-motorcycles offer speeds up to 65 MPH and a range of up to 50 miles on one charge. The company’s maxi-scooters charge from a standard 110V household outlet in four to six hours. The total cost of ownership of the Current Motor bikes compares well with gas equivalents, and electric charging results in operating costs of a penny per mile.