Mission Motors, which builds electric motorcycle technology, has raised new funds, and has officially moved away from manufacturing motorcycles on its own. The startup announced on Wednesday that it has raised $9 million led by private equity firm Warburg Pincus. At the same time a company spokesperson confirms with us that the company no longer intends to produce a motorcycle, and will focus on making electric vehicle powertrain technology for motorcycle and auto manufacturers.
So if you were hoping to ride one of its much-anticipated Mission One high-performance electric motorcycles, then you’re out of luck. (I am disappoint). The company also has built at least one (or maybe more) of its Mission R motorcycles, which is a racing bike and has 141 horsepower, 115 ft-lbs of torque and speeds of 160 mph (our new hope is to drive one of those!).
While we had known that Mission Motors was moving away from being a motorcycle maker, with its powertrain business the MissionEVT, this is the first we’ve heard of confirmation that the Mission One will not be built. Back in May 2010, CEO Jit Bhattacharya only said that the company was looking to generate initial revenue through licensing or sales of its core powertrain tech to industry giants (a common strategy among tech-focused EV startups).
Mission Motors was founded in 2007 and has now raised $15 million to date. This most recent round will be spent on commercializing the powertrain technology.