Alta Motors SUCCESSFULLY CLOSES FINANCING ROUND
Alta Motors, a Mountain Partners portfolio company, has closed a total of USD 27 million of preferred stock in the combined Series B and Series C round including Mountain Partner’s Latin American Hub Mountain Nazca, among others. The funds raised will be used to expand the existing manufacturing and R&D facility in Brisbane, CA, and to further refine its lightweight vehicle technology.
Aditionally, Alta Motors named new board members including Hector Sepulveda, Managing Partner at Mountain Nazca, and Travis Bradford, Professor of Practice and Director of the Energy and Environment graduate program at Columbia University.
Alta Motors, founded in 2010, is a global leader in lightweight electric vehicles with a proprietary mobility platform that offers new levels of power density and economics. It leads the industry with a complete portfolio of battery and drivetrain components, an existing fleet of lightweight vehicles manufactured at its world-class Brisbane facility and a full customer backlog.
After establishing an early dominance in the electric motorcycle sector, Alta Motors is now continuing to push the industry forward by offering the highest energy density in the lightweight electric-vehicle mobility market today. The company has developed a battery pack that, it said, can store more energy per kilogram than anyone else in the lightweight, electric-vehicle market.
“After demonstrating our drivetrain and battery solutions in demanding off-road conditions, we now have an electric mobility platform that offers broad applicability to other product classes, from urban transport to utility vehicles,” said Marc Fenigstein, CEO and Co-Founder of Alta Motors. “As traditional automotive loses its transportation crown, this is a pivotal moment for us and for the industry; we are breaking barriers in storage, powertrain and vehicle design. With the support of our incredible set of investors and our world-class team, our sights are set on becoming the de facto platform for the new frontier of lightweight electric transportation.”