In a significant boost to the electric motorcycle industry, Zero Motorcycles has secured a funding round of over $120 million, according to a recent filing with the U.S. Securities and Exchange Commission. The company has already sold around $100 million of the equity round to two undisclosed investors, with plans to use the funds for expansion and development of new models.

This news comes as a welcome respite for the electric motorcycle sector, which has faced challenges in recent months. Italian company Energica filed for bankruptcy earlier this month, while design-focused startup Cake filed for bankruptcy in February, although it has since been acquired by a new owner. Other smaller players, such as Fuell and Sondor, have also ceased operations.

Zero Motorcycles, nearly 20 years old, has been a stalwart in the industry, typically refreshing its models annually. The company has been rumored to be working on a mini-bike, and this funding round will likely support its development.

The funding round is also significant in the context of Harley-Davidson's electric motorcycle spinout, Livewire, which continues to struggle, reporting a loss of $22.7 million in the third quarter and selling only 99 electric motorcycles.