E-bike tech firm raises almost £2m
A company behind an inno - va t ive e - b i ke moto r, t h a t i s c h a i r e d by a f o rmer Dys o n chief executive, has secured almost £2 million in funding.
The investment will support Freeflow Technologies’ (FFT) move to a new headquarters a n d r e s e a r c h a n d d e ve l o p - ment facility in East Kilbride and allow it to take on additional staff.
The firm’s patented e -bike transmission system is said to be more lightweight, compact and provides a higher power density than other products.
The motor and batter y are easily assembled into the bicycle frame rather than an oversized attachment as is comm o n w i t h c u r r e n t e l e c t r i c bikes. This achieves a design that makes the e-bike look and ride like a regular bike.
The company has also develo p e d a n o v e l m e c h a n i c a l transmission system for fixed wheel bikes that allows the rid- er to freewheel, while retaining the smooth ride quality of fixed wheel.
B o s s e s s a i d t h e r e w e r e already several brands working on frame designs to incorporate the new Freeflow tech into bikes for launch into the market next year.
The £1.85m funding round was led by investment syndicate Kelvin Capital and sup - por ted by Equit y Gap, Fore - sight Williams and S cottish Enterprise.
The company raised £1.8m in an earlier funding round in October 2018.
Founded in 2012 in Glasgow by e-bike innovator Neil MacMar tin following 15 years in his family bike business, FFT h a s a s e n i o r m a n a g e m e n t team made up of exper ts in design, development, financial planning and cycling industry experts.
T h e f a s t g r o w i n g e l e c t r i c bike market was worth almost £5 billion in 2018 and is expect
ed to grow to some £12bn in 2023 according to the Confederation of the European Bike Industr y and The Light Electric Vehicle Association.
Martin Mccourt, chairman o f Fr e e F l o w Te c h n o l o g i e s ,
and former chief executive of Dyson, said: “The e-bike market is booming as many sections of societ y seek alternatives to public transport and take a greater interest in their personal health.
“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.”