Strategic Collaboration with Engines Engineering Enables Capital-Efficient Product Development and Rapid Technology Validation
VANCOUVER, BC, April 3, 2025 /CNW/ - Damon Inc. (NASDAQ: DMN) ("Damon" or the "Company"), a designer and developer of electric motorcycles and other personal mobility products that seek to empower the personal mobility sector through innovation, data intelligence and strategic collaborations, today announced a strategic collaboration with renowned Italian engineering firm Engines Engineering, enabling the acceleration to market of the Damon HyperSport Race electric motorcycle. The collaboration with Engines Engineering, which has extensive MotoGP racing expertise, provides Damon with a capital-efficient approach to product development and rapid technology validation. Through this collaboration, Damon expects to validate its proprietary electric powertrain technology and AI-enabled systems in a high-performance track application on an accelerated timeline. The HyperSport Race program will serve as a technology demonstrator for Damon.
Damon Inc. logo (CNW Group/DAMON Motors Inc.)
By leveraging its modular technology platform, Damon has streamlined its expected development costs to under $10 million – significantly below the $25-70 million typically required for road-going versions. This capital efficient strategy fast-tracks the validation of Damon's advanced HyperSport systems, with initial product expected within 12 months.
"The HyperSport Race program provides an optimal platform for rapid validation of our HyperSport technology stack," said Mr. Dom Kwong, Interim CEO of Damon. "This focused approach allows us to test our proprietary HyperSport electric powertrain architecture, advanced battery management technology and AI-enabled safety systems under extreme conditions, generating crucial data to advance our technology development," stated Mr. Kwong.
"Engines Engineering is proud to collaborate with Damon in accelerating the validation of their advanced HyperSport electric mobility technology," said Mr. Manfredi Fenici, CEO and Vice-President of Engines Engineering. "Our racing expertise combined with Damon's innovative technology creates an efficient platform for pushing electric powertrain performance boundaries."
The HyperSport Race program and strategic collaboration with Engines Engineering is the first step of Damon executing its updated strategic business plan, Damon 2.0, which has established four distinct potential revenue verticals - Data Intelligence, Personal Mobility, Licensing and Engineering Services, and Special Projects - creating multiple pathways for growth. The Company's proprietary safety systems and electrification technology continue to be core differentiators in the market, supported by capital efficiency and economics. This approach optimizes the operational efficiency while advancing the Company's mission in mobility innovation and data intelligence. Damon's strategic focus in sustainable transportation solutions, combined with its diversified potential revenue streams, strongly positions Damon for long-term value creation.
About Damon
Damon Inc. is a designer and developer of personal mobility products and technology solutions that integrate AI-driven safety systems, smart electrification, and user-driven design to revolutionize sustainable transportation. Operating across four potential revenue verticals - Data Intelligence & Services, Engineering Services, Personal Mobility Products, and Special Projects – Damon believes it is positioned to capture a significant share of the $40B global electric two-wheeler market by 20301. The company distinguishes itself through its integrated ecosystem approach, combining advanced data analytics, engineering expertise, and strategic partnerships with OEMs and Tier 1 suppliers. Damon emphasizes accessible mobility solutions while leveraging its proprietary AI-driven safety systems and intelligent energy management technology to deliver superior performance and operational efficiency in the urban and business mobility space. For more information, please visit damon.com.
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Source McKinsey Report on Micromobility (2022)
About Engines Engineering
Engines Engineering, founded in 1979 in Italy's Motor Valley, is a global leader in motorcycle design, prototyping, and engineering innovation. With over 100 experts and a cutting-edge 5,500 sqm facility, the company delivers full-cycle development for motorcycles, scooters, and multi-wheel vehicles, trusted by major international brands. Its award-winning designs, more than 10 years of World Motorcycles Championship, and high-tech testing labs make it a benchmark in the two-wheeler industry. More than a supplier, Engines Engineering is a strategic partner in driving the future of mobility.
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") that reflect current expectations and projections of Damon Inc. ("Damon") 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 anticipated benefits of our collaboration with Engines Engineering, the development timeline of the HyperSport Race program, and our strategic initiatives, revenue expansion plans, business model evolution, and expected efficiency improvements and growth.
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 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. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, our history of losses, our ability to implement our growth strategy and achieve profitability, our limited operating history with recent acquisitions, our ability to obtain adequate financing as needed, our ability to continue as a going concern, our status as a foreign private issuer, our ability to maintain compliance with Nasdaq's continued listing requirements, customer demand for or acceptance of our products and services, the impact of competitive or alternative products, technologies, and pricing, emerging competition and rapidly advancing technology that may outpace our own, our ability to manufacture or distribute products and secure strategic supply and manufacturing arrangements, our ability to protect our intellectual property, impact of any changes in existing or future regulatory and tax regimes applying to our business, our ability to successfully consummate strategic transactions and integrate companies or technologies we acquire, our ability to attract and retain management and employees with specialized knowledge and technical skills, our ability to develop and maintain effective internal controls, general economic conditions and events and the impact they may have on us and our customers, including but not limited to increases in inflation rates and rates of interest, supply chain challenges, increased costs for materials and labor, cybersecurity threats, and conflicts such as those in Russia/Ukraine and Israel/Hamas, our success at managing the risks involved in the foregoing items, and other risk factors discussed in our periodic and current reports and registration statements filed with the U.S. Securities and Exchange Commission and the British Columbia Securities Commission.
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.
