Damon Motors Raises $30M; Secures $20M in Preorders for motorcycles
A successful round of bridge financing has hit $30m while the electric motorcycle brand claims to have made $20m in pre-orders
DAMON, makers of the high-tech HyperSport electric motorcycle, has announced it has more than $30m in funding on top of $20m in pre-orders for its all-electric motorcycle.
The funding was sourced from a successful round of bridge financing, and it’s claimed that it will ‘further fuel Damon’s path to market and enable demo tours, pre-production development, and testing’.
The funds will also allow Damon to begin demo tours of the new bikes, pre-production development and testing, and associated hires. The Canadian firm has also expanded its board of directors, with the additions of Jaques Clariond and Howard Wu.
“We have unveiled the future of two-wheel transportation and yielded high demand in North America and Europe, validating the market need for high-performance electric motorcycles,” said Jay Giraud, founder & CEO at Damon Motors. “On the back of this demand, Damon will produce an entire line of medium- and high-performance motorcycles over the next few years, with HyperDrive serving as the core of each model.”
Damon HyperDrive and FreedomRoad Financial subscription service
The Canadian firm has also announced a new type of modular powertrain platform called HyperDrive. Damon is claiming it to be the first 100 per cent electric powertrain platform that promises multiple variants to be built using its monocoque design.
The first bikes to use the new platform are the cut price (in comparison) SX and SE models announced last year. They come in at $16,995 (circa £12,995) for the SE and $19,995 (£15,250) for the SX. They can also be purchased via a ‘subscription’, with the SX coming in at $286 per month and the SE for $199 per month.
The subscription service is provided by FreedomRoad Financial which will run across all Damon’s motorcycle models. Customers can choose from 24, 36, and 48-month subscription plans with a guaranteed residual value - considering normal wear-and-tear. This method is claimed to provide customers with the freedom to exchange their HyperSport for updated models at the end of the term. It also means that as tech improves, riders can effectively trade in their previous machine for the newest model without the hassle and trading the bike in.
As yet no Damon Hypersport models are in the hands of the owners, although Damon has confirmed to Visordown that deliveries should begin to ship in the second quarter of 2022.
Giraud, founder & CEO at Damon Motors said:
“As we at Damon continue to reinvent two-wheel mobility, HyperDrive lies at the heart of our innovation. HyperDrive serves as the nucleus of our creations and will allow us to further evolve our technology and continue to introduce the world’s most exciting and ground-breaking electric motorcycles.”
Rob Enderle, principal analyst at Enderle Group commented:
“Damon continues to electrify the entire motorcycle industry with unprecedented features and next-generation technology that sets it apart from the competition. The Damon team has set a new standard in modern motorcycling with its ongoing commitment to maximizing all aspects of its motorcycles from the ground-up to deliver an unparalleled riding experience.”
Simon (AKA Toad) has been working within the motorcycle industry for more than twelve years, and a member of the motorcyclist family since birth. Growing up around British-built single and twins, it was inevitable that a life on two wheels was on the cards, from a very early age!
