Any efficiency gains will be very very small - resistive losses will decrease, but they're sub 1% of power used by the bike.
Lighter cables will be nice. Weight improvements may be balanced by additional protection needed at higher voltages.
The big advantage would be improving compatibility and speed of DC quick charging. Primarily CHAdeMO today, and not well established in the US but growing quickly. Nissan is starting to install these at their dealerships in my area
at a fairly rapid clip .. it's conceivable by 2015 or 2016 that CHAdeMO or CCS charging stations could be established along several common routes.
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Zero would need to change their battery strategy somewhat, find smaller cells from Farasis, or find another battery supplier. Current bikes use 1-5 ZF2.8 modules in parallel, each module is 28s1p 25 Ah cells. Zero could use existing cells as 56s1p modules (ZF5.7) or 56s2p (ZF11.4) or 56s3p (ZF17), but that does limit their possible configurations.
They'd need to change their motor. This can be done by changing the windings, I don't think it'd be hugely expensive to do.
They'd need to change their charger. Zero uses a 2s2p configuration of meanwell HLG-320H LED controllers to charge their S, DS bikes. They could use 4s1p across the board, but this would be a great time to move to a higher-power charger and standard J1772 charging capability.
They'd need to change their motor controller, and I don't think there are many high-voltage inexpensive controllers suitable for an EV (Zero probably pays ~$600 for their Sevcon G80 controllers). This is probably the big factor preventing them from going higher voltage. Sevcon has one higher-voltage range, G120, which operates at up to 150 volts (35s maximum) but may not be widely available. Curtis 1238 ($2000 list) maxes at 130V, 1239 ($2700 list) maxes at 170V. If you have unlimited pocketbook, for example building a race bike, there are a wealth of high-buck high-power high-voltage controllers. Zero needs low-buck low-power high-voltage.
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Probably the Sevcon G120 makes the most sense for Zero for a new 2015 model. Slightly higher voltage - by about 25% - but requiring only small changes to the bike.
35s1p modules would be 3.2 kWh each (ZF3.7). Standard DC charging and 3kW J1772 would add maybe $1500 to the bike cost. Higher module counts would add perhaps $500 per module.
Here's my guess at possible configurations:
1 module 3.2 kWh FX ZF3.7 $11500 (probably not worth offering .. how well is the $9500 FX ZF2.8 bike selling? probably not well)
2 module 6.4 kWh FX ZF7.4 $14500 (would Zero change this to a fixed-module bike? they've scrapped the FX/MX bikes for 2014, will the FX continue for 2015?)
3 module 9.7 kWh S/DS ZF11 $16000
4 module 13.0 kWh S/DS ZF14.7 $19000
Add $2000 for the SR.
Power would improve by about 10% - 50 hp FX, 60 hp S, 75 hp SR.
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The comparison between the 2014 S ZF11.4 and the 2015 S ZF11 is the most interesting one IMO.
Price increases by $1000, unless Zero can find other ways to reduce costs (probable).
Capacity and range slightly down.
Width would increase slightly. Weight would probably be about the same. Maybe slightly lighter (couples nicely with the extra power).
Charging speeds would be much higher. 3 kW AC would be a 3.3 hour charge 0-95%. DC could charge at up to 14-17 kW for a ~30 minute 80% charge (ZF11) or ~40 minute 80% charge (ZF14.7) ... provided that the DC charger supports voltages as low as ~120V and offers up to 125A charging. The chargers Nissan is installing will, but many others will not.
I think most 2013-2014 ZF11.4 owners would pay an extra $1000 for those features.
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I don't know if Zero will go this route for 2015 .. a 25% voltage bump will not make them fully compatible with CHAdeMO chargers, and I think they need near-universal compatibility before they can offer the CHAdeMO inlet as a standard option.
But I hope they do .. I'm looking for DC quick charging on my next electric bike.