Light weight e-Bike motor developer FreeFlow Technologies has secured £1.85m from an over-subscribed funding round, putting the firm on course to begin meeting OEM demand next year.
The investment will be channeled toward moving in to a new headquarters and R&D facility in East Kilbride, further strengthening the team with senior technical positions and recruiting assembly engineers for the compact drive system.
FreeFlow Technologies “novel” patented e-Bike transmission system is built with the common goal of OEM system makers in mind; that is to be lightweight, compact and provide a high power density.
With the firm satisfied that those goals have been achieved the motor and battery system coming to market is easily assembled into the bicycle frame rather than an oversized attachment. This achieves a look that makes the e-Bike look, and apparently ride like a normal bike, a key requirement for brands and their end customers. The company has also developed a mechanical transmission system for fixed wheel bikes that allows the rider to freewheel, whilst retaining the smooth ride quality of fixed wheel.
There are already a number of brands working on frame designs to incorporate the new FreeFlow Technologies ETS (Electronic Transmission System) into bikes for launch into the market in 2021, the firm has revealed.
The new funding round was led by investment syndicate Kelvin Capital and supported by Equity Gap, Foresight Williams and Scottish Enterprise. The company raised £1.8m in an earlier funding round in October 2018.
Chaired by Martin McCourt, former CEO of Dyson, FFT is poised to tap in to a market that was worth £4.9bn in 2018 and is expected to grow to £11.8bn in 2023, according to the Confederation of the European Bike Industry and The Light Electric Vehicle Association.
Martin McCourt, Chairman of FreeFlow Technologies said: “The e-Bike market is booming as many sections of society seek alternatives to public transport and take a greater interest in their personal health. Great trends that truly benefit our citizens and our environment. The FreeFlow drive system transforms the look and riding performance of e Bikes. Now an e-Bike can look like a normal bike, and ride like one.”