FreeFlow Technologies has received a £1.7 million investment in to its new e-Bike system from the Foresight Williams Technology EIS Fund.
FreeFlow is currently developing an innovative and “novel” patented e-Bike system technology that pledges to be lightweight, compact and provide a higher power density than existing products. Meanwhile, the Company has also developed an unprecedented mechanical transmission system for fixed wheel bikes that allows the rider to freewheel, whilst retaining the smooth ride quality of fixed wheel.
John Holden, Director at Foresight, said: “The Fund’s strategy is to support innovative UK businesses with disruptive technologies. FreeFlow is a great example of engineering innovation in a relatively new and fast-growing market. We look forward to working with the FreeFlow team as they grow their business and helping with the commercialisation of their product.”
As part of the investment, ex-Dyson CEO Martin McCourt will join as the company’s chairman, alongside former colleague Neil Edwards who steps in to the role of Director.
James Shepherd, FreeFlow CEO, said: “We’re delighted to receive this investment from the Foresight Williams Technology EIS fund. We’re excited to be partnering with a world-class team on the development and launch of our compact, high performance e-Bike system, into the rapidly growing global e-Bike market.
“We’d also like to take this opportunity to say a big thank you to all those who’ve supported us to date, not least Scottish Enterprise, Angels Dens and Dunelm Energy.”
Based in Glasgow, FreeFlow Technologies was founded by Neil MacMartin in 2012, following 15 years experience in his family bike business. Williams Advanced Engineering has direct experience in the e-Bike market, having created the electric transmission system for Brompton Bicycles. Alongside the fund’s investment, Foresight can provide technical guidance, investment management and growth experience to assist FreeFlow.
Craig Wilson, Managing Director of Williams Advanced Engineering, said: “We are pleased to support the investment in FreeFlow and look forward to assisting them with further enhancements of their innovative technology. Williams has a strong track record on four, and on occasion six, wheels, but we also have experience in the e-bike market already, having already worked on the Brompton Electric. This marks a further positive development to our work in electrification and technology development on two wheels as an additional aspect to our company’s diversification.”