Developing a light power to weight ebike motor, East Kilbride-based FreeFlow Technologies (FFT) is moving into production following the close of a funding round at around €1.98 million. This new funding brings FFT’s total amount raised to over €6.3 million. The latest round was also supported by Equity Gap, Scottish Enterprise and many private individuals.
Founded in Glasgow in 2012 by Neil MacMartin, following 15 years in his family bike business, FFT’s novel patented ebike transmission system (ETS) is more lightweight and compact, 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 ebike look, and ride like a normal bike – a key requirement for brands and their end customers. The system also connects the independent bike shops around the world to FFT as the ETS system can be serviced in-store – giving bike shops a new revenue source through parts and labour.
The ebike market has been on an upward trajectory over the past year, and it’s a trend set to continue. Ebikes are one of the most popular modes of sustainable transport at the moment and innovative tech such as FFT’s is taking the trend up a gear.
David Hemming, Managing Director of FreeFlow Technologies explained: “Despite the impact of Covid on societies around the world over the last two years the demand and adoption of e-Bikes continues to grow significantly, which is being reflected in the number of cycle manufacturers reaching out to us. One of the major appeals of the FreeFlow system for e-Bike designers is that it is very much ‘plug and play’ and can work in harmony with a brand’s existing battery or switch suppliers. It has also been commented that it makes an e-Bike look and feel like a normal bike which is a big attraction for consumers.”
Over 70 cycling brands from specialist handmade through to global currently have FFT’s ETS (Electronic Transmission System) unit on their radar for integration into their ebike ranges. In November 2021 FFT announced its first OEM (Original Equipment Manufacturer) partnership with British gravel bike maker and wooden frame specialist Twmpa Cycles at Rouleur Live, the international cycling exhibition.
The fresh funding will accelerate the production of units from its Scottish production line in 2022. In addition, it will see additional staff recruited across electrical and software engineering, process engineering and design.
Martin McCourt, Chairman of FreeFlow Technologies said: “FreeFlow Technology will soon be on sale, incorporated into a number of leading bike brands, and we are thrilled to have had such enthusiastic support from our existing investors as well as several new ones.
John McNicol from Kelvin Capital added: “The rise in the number of people taking to cycling and e-biking was already rising before the impact of Covid and that has increased significantly in the last two years. The impressive progress made by FreeFlow Technologies to move to production, its increasing reputation in the global cycling sector and its impressive management team means that Kelvin Capital is delighted to continue to back the business.”
via https://www.AiUpNow.com
March 28, 2022 at 04:39AM by contact@bcurdy.com, Khareem Sudlow
