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Land Energy plans to raise $65 million to ramp up its production of electric motorcycles and standalone smart batteries, the startup tells Axios.

Why it matters: Drivers tend to trade in an EV when its infotainment software starts showing its age or the battery stops holding as much charge.

How it works: Cleveland-based Land Energy wants to extend the lifespan of EVs — and other electronics — by enabling consumers to upgrade both the battery and computer system at the same time.

The startup has integrated a swappable battery with the connectivity and data capabilities you'd find in a smartphone or laptop.

It's selling the batteries as standalone power sources. But the bulk of its business has been the electric motorcycles it's built around those smart battery systems.

What they're saying: "We think of the bikes as the Trojan horse: It gets people hooked on the drug that is mobile energy," says CEO Scott Colosimo, who previously founded a motorcycle shop.

The two-wheeler approach has kept costs low while quickly generating profitable product margins, he says.

"We saw the collapse of the venture market coming — we needed a way to execute our profitability almost immediately."

Catch up quick: Land Energy in November closed a $7 million Series A.

The latest: It's now raising a $15 million bridge round via convertible note, led by Nunc Coepi Ventures.

Once that round closes, anticipated March 31, Land Energy plans to begin raising a $50 million Series B. It's eyeing a post-money valuation north of $200 million and may blend equity and debt.

What's next: Land Energy plans to ramp up production at its existing facility and is seeking a location to make its standalone energy storage systems.

"We've seen a lot of companies make a product at $8,000 and sell it at $5,000 and say 'we're going to scale into profit,'" Colosimo says. "We're not doing that. We make a product that's driving margin."

Exclusive: Land Energy seeking $65M for motorcycle-mounted smart batteries

It's powering batteries with computers, not the other way around.

A photo of two people riding Land electric motorcycles around a bend in a sunny, forest-lined road.

Land Energy says it's targeting both experienced riders and the EV-curious with its electric motorcycle. Photo: Courtesy of Land Energy

Batteries

Land Energy plans to raise $65 million to ramp up its production of electric motorcycles and standalone smart batteries, the startup tells Axios.Why it matters: Drivers tend to trade in an EV when its infotainment software starts showing its age or the battery stops holding as much charge.

Exclusive: Land Energy seeking $65M for motorcycle-mounted smart batteries

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