Damon Motors Achieves Major Milestone Towards Production of Its HyperSport Premium Electric Motorcycle
- Kicks off production preparations with Aluwag and Fukuta Elec. & Mach. Co. Ltd
Vancouver, BC, March 13, 2024--(T-Net)--Damon Motors Inc., a disruptor in high-performance two-wheel mobility, announced today some notable advancements in the commercialization and production preparations of its flagship motorcycle, the Damon HyperSport.
In a strategic move to bolster the Company's production capabilities, Damon has partnered with Swiss die casting company, Aluwag AG, to produce the motorcycle's innovative die-cast aluminum battery case.
Furthermore, Damon is collaborating with Taiwan-based manufacturer, Fukuta Elec. & Mach. Co. Ltd, to bring its revolutionary high-speed electric motor-gearbox into production.
Derek Dorresteyn, CTO, Damon Motors Inc.
"We're blown away by our HyperDrive battery and powertrain performance," says Damon's CTO Derek Dorresteyn. "It's a game-changer, propelling us closer to production goals."
Damon says it is set to revolutionize motorcycling with a growing book of USD$88 million in reservation orders from over 3400 people. It is the only motorcycle company to feature patented transforming rider ergonomics Shift, and offers a unique high-voltage 200hp powerplant.
By developing its patented CoPilot™ AI-enhanced collision warning system, Damon is also providing new levels of safety to the industry. With more than twice the range of a typical combustion sportbike at 200 miles on a single charge and rapid-charging built in, riders can finally have it all.
The collaboration with Aluwag AG marks a pivotal step in motorcycle engineering and design. The Swiss company, known for its expertise in die casting, has received the final tool designs from Damon to produce its large, 20kWh patented assembly battery case that not only acts as a watertight enclosure for the HyperSport's 500-volt liquid-cooled pack, but also doubles as the motorcycle's chassis.
Damon's novel approach to integrating its pack with the chassis into a single unit significantly reduces mass, parts count, complexity and cost, setting a new standard for electric motorcycle design.
René Wagner, CEO, Aluwag AG (Credit: Aluwag AG)
"We are honored to work with Damon, a company that shares our commitment to innovation and quality," said René Wagner, CEO of Aluwag AG. "This partnership is a testament to the power of collaboration in advancing the future of electric mobility. Our die casting expertise, combined with Damon's visionary design, will produce a motorcycle battery case that is not only functional but integral to the HyperSport's structural integrity."
In addition to the collaboration with Aluwag AG, Damon announced its partnership with Fukuta Elec. & Mach. Co. Ltd, a leader in the electric vehicle ("EV") motor space known for its automated winding equipment, precision stamping, and assembly of motors.
Fukuta Elec. & Mach. Co. Ltd has received the final tool designs to produce Damon's patented high-speed electric motor-gearbox, a compact powerhouse weighing just 30kg, but capable of delivering 500Nm of torque at the output shaft and over 150kW of power. This collaboration underscores Damon's dedication to integrating cutting-edge technology and manufacturing excellence into its products with Fukuta Elec. & Mach. Co. Ltd, who is ready for scale.
"We are excited about the opportunity to produce Damon's compact motor-gearbox," said Gordon Chang, CEO of Fukuta Elec. & Mach. Co. Ltd. "Our collaboration with Damon showcases our capabilities and commitment to innovation in the EV space, pushing the boundaries of what's possible in motorcycle performance."
Damon CEO Jay Giraud adds, "Aluwag AG and Fukuta Elec. & Mach. Co. Ltd are vital partners in our mission. Together, we're reshaping motorcycling's future, where the performance-to-weight ratio can start to exceed that of combustion motorcycles."
The Damon HyperSport, set to redefine motorcycles, offers riders unparalleled performance, range, and safety features. These strategic partnerships with Aluwag AG and Fukuta Elec. & Mach. Co. Ltd are crucial steps in Damon's journey towards bringing safer, sustainable, high-performance motorcycles to riders around the globe.
About Damon Motors
Damon Motors is a global technology leader disrupting urban mobility, led by entrepreneurs and executives from world-class automotive and technology companies. With its offices in San Rafael, California and headquartered in Vancouver, Canada, Damon is on a mission to cause a paradigm shift for safer, smarter motorcycling.
The Company is delivering on its promise with award-winning innovation and groundbreaking technologies. Anchored by its proprietary electric powertrain, HyperDrive, Damon has captured the attention of the motorcycling world by delivering top speeds of 200 mph, innovative design, and new features, including CoPilot and Shift, that are attracting an entirely new generation of riders.
With strong consumer interest in the US and abroad, Damon aims to set a new standard for motorcycle safety and sustainability worldwide.
Forward-Looking Statements
This press release contains "forward-looking statements" that reflect Damon's current expectations and projections about its future development. When used in this press release, forward-looking statements can be identified by the use of words such as "may," or by such words as "will," "intend," "believe," "estimate," "consider," "expect," "anticipate," and "objective" and similar expressions or variations of such words. Forward-looking statements are, by their nature, not guarantees of Damon's future operational or financial performance and are subject to risks and uncertainties and other factors that could cause Damon's actual results, performance, prospects, or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. No representation or warranty is intended with respect to anticipated future results, or that estimates, or projections will be sustained. [ MORE ]
Forward-Looking Statements
This press release contains "forward-looking statements" that reflect Damon's current expectations and projections about its future development. When used in this press release, forward-looking statements can be identified by the use of words such as "may," or by such words as "will," "intend," "believe," "estimate," "consider," "expect," "anticipate," and "objective" and similar expressions or variations of such words. Forward-looking statements are, by their nature, not guarantees of Damon's future operational or financial performance and are subject to risks and uncertainties and other factors that could cause Damon's actual results, performance, prospects, or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. No representation or warranty is intended with respect to anticipated future results, or that estimates, or projections will be sustained.
Forward-looking statements in this press release include, but are not limited to, statements relating to the completion of the Business Combination, the shareholder approval of the Business Combination by securityholders of Damon, the issuance of a final order by the Supreme Court of British Columbia in respect of the Plan of Arrangement to effect the Business Combination, approval by Nasdaq to list the shares of the combined company, the global reservations amount for the pre-production of Damon motorcycles, the proposed markets for the sale of Damon motorcycles, the expected performance level of Damon motorcycles, the estimated demand of Damon motorcycles, the potential safety ratings of Damon motorcycles and other forward looking information in respect of the proposed Business Combination.
In developing the forward-looking statements in this press release, we have applied several material assumptions, including the general business and economic conditions of the industries and countries in which Damon operates, the general market conditions and that Damon shareholders will view the Business Combination favorably and vote in favor of the transaction.
Many risks, uncertainties, and other factors could cause the actual results of the Damon to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to, the following:
- the risk that the proposed Business Combination may not be completed in a timely manner or at all;
- the risk that the public market valuation of the combined company following the consummation of the Business Combination may differ from the valuation range ascertained by the parties to the Business Combination and their respective financial advisors, and that the valuation to be ascertained by an independent financial advisor to Damon, if any, in connection with the Business Combination may differ from the valuation ascertained by Inpixon's independent financial advisor;
- the failure to satisfy the conditions to the consummation of the Business Combination, including receiving the necessary approvals from the Damon securityholders and the Supreme Court of British Columbia with respect to the Plan of Arrangement;
- the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination;
- risks that the Business Combination disrupts current plans of Inpixon, Grafiti and Damon and potential difficulties in their employee retention as a result thereof;
- the outcome of any legal proceedings that may be instituted against Damon, Grafiti or Inpixon related to the Business Combination;
- failure to realize the anticipated benefits of the Business Combination;
- the inability to satisfy the initial listing criteria of Nasdaq or obtain Nasdaq approval of the initial listing of the combined company on Nasdaq;
- the risk that the price of the securities of the combined company may be volatile due to a variety of factors, including changes in the highly competitive industries in which Grafiti and Damon operate, variations in performance across competitors, changes in laws, regulations, technologies that may impose additional costs and compliance burdens on Grafiti and Damon's operations, global supply chain disruptions and shortages, and macro-economic and social environments affecting Grafiti and Damon's business and changes in the combined capital structure;
- the inability to implement business plans, forecasts, and other expectations after the completion of the Business Combination, and identify and realize additional opportunities;
- the risk that Damon has a limited operating history, has not achieved sufficient sales and production capacity at a mass-production facility, and Damon and its current and future collaborators may be unable to successfully develop and market Damon's motorcycles or solutions, or may experience significant delays in doing so;
- the risk that the combined company may never achieve or sustain profitability;
- the risk that Damon and the combined company may be unable to raise additional capital on acceptable terms to finance its operations and remain a going concern;
- the risk that the combined company experiences difficulties in managing its growth and expanding operations;
- the risk that Damon's US$85 million of non-binding reservations are canceled, modified, delayed or not placed and that Damon must return the refundable deposits and such reservations are not converted into sales;
- the risks relating to Damon's ability to satisfy the conditions and deliver on the orders and reservations, its ability to maintain quality control of its motorcycles, and Damon's dependence on third parties for supplying components and manufacturing the motorcycles;
- the risk that other motorcycle manufacturers develop competitive electric motorcycles or other competitive motorcycles that adversely affect Damon's market position;
- the risk that Damon's patent applications may not be approved or may take longer than expected, and Damon may incur substantial costs in enforcing and protecting its intellectual property;
- the risk that Damon's estimates of market demand may be inaccurate;
- any adverse changes in U.S. or Canadian general economic, business, market, financial, political or legal conditions, including as a consequence of the ongoing uncertainties relating to inflation and interest rates;
- any inability to ramp-up the production of Damon's products and meet project milestones and timelines;
- any inability to successfully and economically manufacture and distribute its motorcycles at scale;
- any adverse effects of current military conflict between Russia and Ukraine or the Israeli-Hamas War, which continues to affect economic and global financial markets and exacerbate ongoing economic challenges;
- any unfavorable fluctuations and volatility in the availability or price of raw materials included in components used to manufacture Damon's products;
- the reliance on key suppliers and any inability to maintain an uninterrupted supply of raw materials;
- the reliance on key management and any inability to attract and/or retain key personnel;
- any inability to raise additional funds to meet its capital requirements and pursue its growth strategy when and in the amounts needed; and
- any inability to secure adequate insurance coverage or a potential increase in insurance costs.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of the press release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, events may differ materially from current expectations. Damon disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required pursuant to applicable securities law.All forward-looking statements contained in the press release are expressly qualified in their entirety by this cautionary statement.
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