Electric bike maker Brammo Inc has raised $9.5 million in funding from Terracap Ventures and Aviva Investors. The Series D round has not yet closed, according to Dow Jones.

Brammo chief Craig Bramscher explained that the firm is currently trying to cut costs and up its profitability: "We used [batteries] from Valence, but they were too expensive and not energy-dense enough. Our ability to produce has been somewhat limited. And now we've been working hard to get the bikes to a profitable level."

The company has now established a new factory in Talent, Oregon where it produces its own batteries, the report added.

In addition, a report from Sustainable Business Oregon said Brammo is planning to go public in 2015, although the plan could be extended until 2017. Bramscher revealed last year that he was in talks with the investment bankers who handled Tesla Motor's initial public offering (IPO), the report said.