Electric drive system innovator MotoCzysz will look to raise $10m through the sale of a 25 per cent equity stake in a capital raise that will see it expand its production capabilities.
Company founder Michael Czysz said it had already secured an order for its D1g1tal Dr1ve technology, which it bills as the simplest and most complete electric drive solution for any company manufacturing electric vehicles, and is now looking to increase its production levels.
The California-based company is also a pioneer in the electric bike space, recently winning the Isle of Man TT Zero race with its MotoCzysz E1pc 011 model.
Czysz told NewNet that to date capital has been solely raised from high net worth individuals but it was open to various options going forward.
‘We are looking to raise $10m for a 25 per cent equity share in the business. We have not gone down the venture capital route yet and I think that has so far been of benefit to the company. We are open to venture capital investment, we would just choose our partners very carefully,’ he said.
He said the company was very focused on getting the D1g1tal Dr1ve units into production and is in the process of securing more orders.
Earlier this year the company announced a strategic alliance with battery systems provider Dow Kokam, for MotoCzysz to build battery systems based on its lithium polymer batter technology for the motorsports market.
Czysz also hinted that a further industry collaboration was due to be finalised.
He said the technology the company has developed for the electric bike market could be easily transferred to other forms of green transport, with a revolution in how hybrid vehicles are being developed needed.
‘I do believe the technology we are developing is almost 100 per cent applicable to a car. Ultimately the cars have to be competitive in price. Range anxiety is easy to overcome and we need a hybrid vehicle where the combustion engine supports the electric vehicle. Integrated drive is a major step forward in that.’
Ahead of this year’s TT Zero race expectations were running high that the 100mph average lap time could be achieved for the electric bikes but even the fastest model missed just shy of that barrier.
Czysz said progress has been made since he first competed at the race three years ago, but evolution of the technology is not happening as quickly as some had hoped.
‘We can not go round the track about 7/8ths of the speed of the other bikes. There has been progression of the technology but the economy has harmed that rate of progression. In addition, the big companies have not come into the sector yet.’