For a new headquarters and more jobs, a Scottish company has raised £ 1,85 million to help create an e-bike motor that aims to make riding an electric bike more like riding a pedal-powered bicycle.
In the funding round, FreeFlow Technologies, which claims to be the maker of the lightest, lowest power-to-weight e-bike engine in the world, said it was heavily oversubscribed.
The new investment will help its transition to a new East Kilbride headquarters and R&D facility and further reinforce the team.
As revenues soar, Scotland’s e-bike business moves to larger premises
FFT said its ‘novel’ proprietary e-bike transmission system is smaller, more compact and provides higher power output than other products, with the motor and battery conveniently fitted into the frame of the bike rather than being an oversized add-on feature as is prevalent on current electric bikes.
This offers a look that makes the e-bike look and ride like a normal bike, a significant requirement, they claim, for brands and their end users.
In order to integrate the new FreeFlow Technologies framework into bikes that are expected to reach the market in 2021, a range of brands are working on frame designs.
The latest funding round was led by the Kelvin Capital investment consortium and funded by Equity Gap, Foresight Williams and Scottish Enterprise.
The business was founded by e-bike innovator Neil MacMartin in 2012 in Glasgow and is headed by Martin McCourt, Dyson’s former managing director. The drive mechanism of the FreeFlow transforms the look and feel of e-bikes,”The FreeFlow drive system is transforming the look and feel of e-bikes,”
“Now an e-bike can look like a regular bike and ride like one.” David Hemming, FFT, said the industry is “on a huge growth curve, with e-bikes seen as a significant part of that solution, particularly in urban areas of the world.”