Ray Electric Motors foresees tripling its workforce and manufacturing 10,000 motorcycles annually

The Generalitat, through Avançsa, has granted a participatory loan of 1.5 million euros to the Catalan electric motorcycle manufacturer Ray Electric Motors to boost its growth. With this loan, the company based in Sant Joan Despí (Barcelona) plans to expand production, reach more international markets, and continue investing in technology and innovation.

The four-year goal isto go from the current 5.5 million euros in turnover to 38.5 million; triple the workforce, from 30 to 120 workers; and produce 10,000 motorcycles annually. This growth will mean ainvestment of 9.5 million euros, which will be added to the 8.5 million already injected. 88% of the components of Ray Electric motorcycles come from local suppliers. This commitment to local sourcing provides them with greater speed in procurement, better quality control, a smaller environmental footprint, and contributes to supporting the local economy. ThisstartupCatalan company for urban and interurban zero-emission mobility vehicles was created byIñigo Raventós Basagoiti---which is part of the founding family of Codorníu--- and by Juan Luque Masó in 2019. It started with a capital of 700,000 euros contributed by the founders and, subsequently, closed a financing round of 2.5 million euros, with the participation ofCatalan Institute of Finance (ICF), which controls 17.5% of the share capital. According to Claudia Canals, general director of Avançsa, the loan has been granted through the Innova Mobilitat financing line, which aims to encourage the creation of an ecosystem of technology companies within the productive industry based on the pillars of innovation, sustainability, clean energy, and the green economy. The Sant Joan Despí plant occupies a total of 3,000 m2 and is designed for a production capacity of about 20,000 units per year. "We want to continue growing and creating jobs," said Ray Electric's CEO, Iñigo Raventós, this Wednesday."More and more cities around the world are implementing low-emission zones where only electric vehicles will be allowed to circulate, so an exponential growth in sales is expected both nationally and internationally", he added. The company is already present in the state market and during this year has signed agreements with nine European countries andforesees expanding in the short term to the Netherlands, Belgium, the United Kingdom, Turkey, and Israel. Its electric scooter, the Ray 7.7 model, can reach 125 kilometers per hour and has a range of 150 kilometers."The Ray 7.7 is the most innovative scooter on the market and meets the mobility needs of drivers in large cities like Barcelona due to its design, autonomy, and power," explains Raventós. This motorcycle has an integrated charger and simply needs to be plugged into the power, either in a home parking lot or a public charger. In addition, it incorporates new technologies such as a navigator with Bluetooth connection to the mobile application developed by the company. It also allows adjusting the seat height and reversing to facilitate maneuvers. In 2020 in Europe, electric motorcycle sales were around 30,000 units/year, and are expected to reach 275,000 units by 2027.