GE CAPITAL's Commercial Distribution Finance (CDF) business will provide Brammo Inc. with inventory financing to support the expansion of its dealer network in the United States, the companies announced.
In addition to supporting the expansion of a growing American company, this announcement reinforces GE's commitment to accelerate the adoption of hybrid and alternative fuel vehicles globally.
"We've proven that we can successfully marry technology with performance and now we're ramping up our efforts to deliver our unique products to the marketplace," said Craig Bramscher, founder and CEO of Brammo. "This program with GE Capital will support the rapid growth of our distribution network, allowing leading motorcycle dealerships to capitalize on the growing demand for electric motorcycles."
CDF already provides inventory financing for other brands of alternative fuel and hybrid motorsports products.
"Our deep expertise in the motorcycle sector leads us to believe that dealers are excited about advertising these new products to draw customers into dealerships," said Neeraj Mehta, president and CEO of CDF and a GE corporate officer.
GE Capital, Fleet Services has committed to purchasing 25,000 electric vehicles for its own fleet and for those of its customers by 2015. On May 31, GE Capital, Fleet Services opened the GE Vehicle Innovation Center at its headquarters in Eden Prairie, Minn. The center provides customers with first-hand experience with alternative fuel vehicles and GE's enabling technologies. Brammo products are on permanent display at the Vehicle Innovation Center. For more information, see http://www.gefleet.com/eco/home.
Posted by Holly Wagner