VANCOUVER, British Columbia--(BUSINESS WIRE)--Damon Motors Inc. (“Damon” or the “Company”) today announced a strategic partnership to build its award-winning motorcycles using E-One Moli Energy Corp. (“Molicel”) batteries. Molicel’s battery cell technology provides a unique balance of both high capacity and high power. Combined with Damon’s patented exoskeleton design, Damon motorcycles are expected to deliver more range, higher power, and shorter charge times than industry competitors. Damon and Molicel engineers will work in close collaboration on current and future applications, enabling Damon to deploy the latest technology and developments into its motorcycles.
“Molicel’s innovative and superior battery technology will further position Damon at the leading edge of EV tech,” said Derek Dorresteyn, CTO, Damon. “Additionally, Molicel’s recently announced British Columbia manufacturing plant will shorten supply chains for battery cells and improve the responsiveness of our North American motorcycle manufacturing activities.”
“Teaming up with Damon is a great fit as Molicel’s battery technology is tailor-made to meet the unique requirements of high-performance motorcycles,” said Casey Shiue, President, Molicel. “Additionally, we share a common synergy with Damon to be leaders in our respective industries. This partnership will further our missions to accomplish that.”
During one of its recent test events, Damon put its new Molicel-equipped HyperSport motorcycle to the test against a state-of-the-art 2023 model 1000cc superbike with promising results. Held on a private, closed-course track at Thunderhill Raceway in California, the HyperSport had the disadvantage of no rider aids yet enabled, while the competitor motorcycle had them all enabled, including lean angle traction control, wheelie control, and cornering ABS. Despite the HyperSport’s disadvantage, early results hint towards a compelling story for the evolution of motorcycling:
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The Damon HyperSport successfully accelerated at a comparable rate to the 1000cc competitor motorcycle, where they achieved top speeds of 168 mph and 169 mph respectively, before braking for corner 1 on Thunderhill’s straightaway. This was enabled by Damon’s proprietary 6-phase 150 kW dual-cooled IPM motor-gearbox, which delivers 200 hp and up to 230 nm torque output linearly through to an 18,000 rpm redline.
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Power delivery was considerably smoother than the 1000cc superbike. The usual problem of an unstable chassis caused by the fluctuating torque in traditional combustion engines was noticeably not present. (see graphs above) With the ability to deliver increasing power smoothly from HyperSport’s proprietary drivetrain, Damon predicts that future HyperSport tests with its rider aids enabled will set a new bar in performance.
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The Damon HyperSport also benefits from enhanced handling and performance due to the minimal presence of rotating and reciprocal forces, as well as vibrations typically associated with combustion engines. This absence reduces interference with the rider's control over the motorcycle, resulting in later braking into the corners, faster turn ins and earlier acceleration in corner exits. Early test results in the graphs above show how precious seconds can be shaved to give HyperSport a winning advantage.
- The patented liquid cooling technology, single-sided electric connection, and 500V architecture are integrated into a compact exoskeleton, minimizing space and weight and effectively transferring rider inputs to the contact patch of the tire, even without traction control enabled during the test. This design allowed the HyperSport to deliver a remarkably high continuous power output, comparable to the 1000cc superbike it was tested against.
Download images here: https://we.tl/t-EqhcQaJEUx
With 40 patents in its technology stack, Damon’s all-electric HyperDrive powertrain significantly reduces these legacy issues that have plagued combustion engine technology for more than a century, resulting in unparalleled performance and a next-generation riding experience. And with its embedded Shift™ active ergonomics, 4G connectivity and proprietary AI-enabled cloud, Damon’s software-defined motorcycles will be able to continually adapt to a rapidly changing world, setting a new standard in performance, safety and rider experience.
The evolution of the species has begun.
The Company has raised more than $70M in funding to date and secured over $85M in deposit-backed reservations for its superbikes representing more than 3400 units. It recently announced plans to complete a merger transaction, which would result in a listing on the NASDAQ of the combined merger company, under the ticker symbol DMN.
Damon is at CES 2024 to showcase its critically-acclaimed HyperFighter motorcycle in the NXP booth CP-19 at the Las Vegas Convention Center Central Plaza, January 9-12, 2024.
For more information, visit damon.com.
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. For more information on how Damon technology is defining the new industry standard, please visit damon.com and follow the company on LinkedIn, Instagram, Facebook and Twitter.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements”), which 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 a potential merger transaction, the proposed listing on the NASDAQ for the shares of the combined company following the merger, the global reservations amount for the pre-production of Damon motorcycles, the expected performance level of Damon motorcycles, and the expected integration of Molicel batteries into Damon motorcycles and the potential benefits therefrom.
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 and the general market conditions.
Many risks, uncertainties, and other factors could cause the actual results of 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 merger may not be completed in a timely manner or at all;
- the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed merger;
- the inability to satisfy the initial listing criteria of NASDAQ or obtain NASDAQ approval of the initial listing of the combined company following the merger;
- the risk that Damon’s $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;
- 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 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 management and any inability to attract and/or retain key personnel; and
- any inability to raise additional funds to meet its capital requirements and pursue its growth strategy when and in the amounts needed.
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.
