A SCOTTISH company has raised £1.85 million for new headquarters and more staff as it presses forward with an e-Bike motor it claims will make riding an electric cycle more like the feel of pedal-only bike.
FreeFlow Technologies, which claims to be the developer of the world’s lightest power to weight e-Bike motor, said it was heavily over-subscribed in the funding round.
The new investment will support a move to a new headquarters and R&D facility in East Kilbride and further strengthen the team.
FFT said its “novel” patented e-Bike transmission system is more lightweight, compact and provides a higher power density than other products, with the motor and battery easily assembled into the bicycle frame rather than an oversized attachment as is common with current electric bikes.
This achieves a look that makes the e-Bike look, and ride like a normal bike, a key requirement for brands and their end customers, it is claimed.
A number of brands are working on frame designs to incorporate the new FreeFlow Technologies# system into bikes for launch into the market in 2021.
The new funding round was led by investment syndicate Kelvin Capital and supported by Equity Gap, Foresight Williams and Scottish Enterprise.
Founded in 2012 in Glasgow by e-Bike innovator Neil MacMartin, it is chaired by Martin McCourt, former chief executive of Dyson, who said: “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.” David Hemming, FFT said the sector is “on a huge growth curve with e-Bikes being seen as a significant part of that solution, particularly in urban areas of the world”.