Mission Motors closes $9M Series B round; support to commercialize its EV technology to vehicle manufacturers

Mission Motors, a developer of high-performance integrated electric drive systems, closed on a $9.0-million dollar Series B financing round led by Warburg Pincus, a leading global private equity firm. Warburg Pincus is making an initial investment of $7.5 million in the company and Infield Capital is following on to its original investment in Mission. Warburg Pincus has the right to make additional investments periodically, up to a total of $50 million, at its discretion.

The Series B round brings Mission’s total to-date funding to $15.0 million. Proceeds from the financing will support the commercialization of Mission’s electric powertrain technologies and allow the company to expand its partnerships with original equipment manufacturers (OEMs).

With this funding, we plan to grow our powertrain technology business by becoming a reliable production supplier to our OEM customers. The financing adds to what has already been a big year for our company. With the backing of Warburg Pincus, we will be able to build on our recent accomplishments, taking the powertrain technology that we have developed and integrating it into high-volume production vehicles.

—Mission Motors CEO, Jit Bhattacharya

Mission currently provides vehicle manufacturers with optimized electric powertrain solutions based on the company’s core technology. Examples of Mission’s latest technology at work include the integration of Mission powertrain components in high-performance hybrid race cars and the record-breaking Mission R electric superbike. Mission Motors 2011 highlights include:

• Unveiling of new electric powertrain technology on the leading edge of power and energy density;

• Winning the TTXGP/FIM e-Power race at Laguna Seca Raceway with the company’s Mission R motorcycle;

• Setting an electric vehicle lap record at Laguna Seca Raceway that was competitive with combustion-engine AMA Supersport race bikes; and

• Launching several new partnerships with OEM customers for Mission’s electric powertrain systems.

Source: Green Car Congress