Ray J Snags a $31 Million Deal...and it's Not For His Music!

November 17, 2017

Ray J is known for a lot of things: his hit song “One Wish,” dating Kim Kardashian, being the brother of songstress Brandy, his “Love and Hip-Hop” show.

But many people don’t know the performer is into green energy technology. In fact, he recently secured a $31 million deal with consumer electronics distributor Cowboy Wholesale to launch his own tech company, Raycon Global.

This is not Ray J’s first round around the green tech rodeo, though. His company Raytronics makes the Scoot-E-Bike, a foldable, two-wheeled electric vehicle that gained a bunch of celebrity endorsements in 2015. In a statement, the performer says he sees this new partnership as the next evolution to his already existing tech ventures.

Ray J says he’s also focused on renewable green energy, which is where the world is moving, and he plans to get there first with the help of his Cowboy partners.

“Cowboy Wholesale gets it, and when I say I want something, they go get it for me, and they believe in my dreams,” he told Cheddar.

The green economy has been quickly gaining traction. Marketing firm Euromonitor says that’s propelled by three key factors: a new era of sustainability, low carbon emissions, and a desire for a global energy transformation. Awareness on the part of consumers is at the root of demands. Euromonitor says that green technology supply was driven by a general fear that rapid depletion of resource supply will be detrimental to the environment.

Ray J’s electric bike will hit the market in December. The company also plans to launch other tech items, such as a watch, wireless and entertainment gadgets, and other green vehicles.

The entertainer-turned-entrepreneur says he wants to inspire youth to strive for more than a music or sports career.

And he says he learned some things from ex-partner Kim Kardashian. The TV personality and businesswoman recently launched a perfume line of three fragrances which, according to TMZ, brought in $10 million in one day. Ray J says “numbers don’t lie.”

“We’re doing our part, she’s doing her part, that’s where we all should be,” he said. “I’m married, she’s married … and you see the blessings trickling down.”

FULL TRANSCRIPT

MALE_1: It. Um, the new company is called Raycon. I started with a company called Raytroniks. We took the ground running by creating a Scoot-E-bike, um, and it's an electric bike, goes 20 miles per hour. I started in 2015, I got every celebrity to endorse it, big NBA teams, NFL teams and so the companies started to grow. I'm here today, um, I got with Mr. Lee and cowboy wholesale, and we- we connected. And now we took it from Raytroniks to Raycon and now it's time to try to do some really, really positive things in the tech world.

MALE_2: Well, let's talk about the, uh, product because this thing is super cool. We have one outside.

MALE_1: Yeah.

MALE_2: You know a lot of- a lot of people when they say they want to create a tech company or started tech company, they go with something easier, they go with an app, right? I mean this is something that doesn't take much R&D. You can just throw it into the app store. It doesn't actually have a huge investment in terms of type of technology, but this, this actually does start. Why start with something this ambitious?

MALE_1: Is because it's unique. You know, when I- when I first laid eyes on this kind of bike, I went around and I asked all of my friends, anybody that's ever even rode a bike, did they see this bike? Nobody saw. They were blown away, so I felt like there was something original, it was new, it was fresh, is very risky because it's an expensive product even just to buy it and then sell it retail. But I believed in it and so, I took all of my money, all of my passion and I put it into this thing and three years later we're here and we're off to the races. So, I'm blessed and, um, I feel like we got a long way to go, but where we- we're climbing up the ladder.

FEMALE_1: How important are our celebrity influencers in terms of marketing your product?

MALE_1: I think just- I think just the- the- the urban world is important. And I think if- and when I say urban I mean the skaters, uh, you know, music artists, uh, you know, just to youth in general. They're very important because they see what's going to happen in the future. And so to- to- to have them, you know, endorse a product or say this product is cool and actually use it is very important because-