Energica has been on a roll since the beginning of 2020. The premium electric motorcycle brand matched its 2019 sales figures in one month, secured an Indonesian distribution deal, and most recently, expanded its U.S. network to 12 dealerships. Buoyed by the string of successes, Energica just struck a deal with financial technology company Ideanomics to help the brand continue its rapid growth.
With a focus on the mass adoption of commercial electric vehicles, Ideanomics invests in numerous EV companies. Thanks in part to Energica’s growing presence in the segment, the European electric motorcycle market grew by 50 percent in 2020 alone. Western Europe now accounts for largest EV market in the world, surpassing China. Seeing massive potential in Energica’s future prospects, Ideanomics purchased a 20 percent stake in the company worth $13.2 million.
"Energica has combined zero-emissions EV technology with high-performance engineering synonymous with Italy's Motor Valley to create a range of exceptional products for the motorcycle market,” said Ideanomics CEO Alf Poor.
“It also has proprietary EV battery and DC fast-charging systems that have applications and synergies with Ideanomics Mobility. We are very impressed with Livia and her team, and we look forward to supporting them through their next phases of growth."
Energica also enjoys a development advantage over other electric motorcycle brands due to its single manufacturer deal with the MotoE race series. By testing its latest battery technology with the world’s best racers aboard, the company can continue innovating high-performance products. With the electric motorcycle market growing exponentially, Energica is in a unique position to introduce novel technologies like rider-to-motorcycle communication. Ideanomics investment should help the Made in Modena brand get there.
"We are proud to be part of this unified global platform", noted Energica CEO Livia Cevolini. "Ideanomics' network of innovative companies will help accelerate the growth and adoption of new EV technologies such as Energica. We look forward to leveraging Ideanomics to capture market share in the rapidly growing global electric motorcycle market".