FreeFlow Technologies (FFT) of East Kilbride is set to begin rolling out its e-Bike motors following a £1.65 million funding round led by investment syndicate Kelvin Capital.
The new investment - which was also supported by Equity Gap, Scottish Enterprise and a number of private individuals - will accelerate the number of units from FFT's Scottish production line in 2022.
It follows a previous £1.85m funding round in November 2020 that allowed the company to move to new headquarters while bolstering its technical and engineering team. The latest funding will lead to additional recruitment across software engineering, process engineering and design, and brings the total raised to date by FFT to £5.3m.
Chaired by Martin McCourt, former global chief executive of Dyson, FFT's patented e-Bike transmission system is said to be more lightweight, compact, and easier to assemble than oversized attachments currently in common use. This makes the e-Bike look and ride like a normal bike.
FFT said more than 70 cycling brands, ranging from specialist handmade producers through to global manufacturers, have expressed an interest in integrating the firm's electronic transmission system into their e-Bike ranges. In November 2021 FFT announced its first partnership with British gravel bike maker and wooden frame specialist Twmpa Cycles.
The global value of the e-Bike sector is expected to exceed £11.8 billion in 2023, up from £4.9bn in 2018, according to the Confederation of the European Bike Industry and The Light Electric Vehicle Association.
“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," Mr McCourt said.
The compmany was founded in 2012 in Glasgow by e-Bike innovator Neil MacMartin following 15 years in his family bike business. Its senior management team, headed by managing director David Hemming, is made up of experts in design, development, financial planning and cycling industry specialists.
READ MORE: e-Bike motor innovator to move to new East Kilbride HQ after raising £1.85m
“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," Mr Hemming said.
"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.”
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.”
Equity Gap director Fraser Lusty said his investors were also pleased to continue their backing: "The investment allows them to accelerate their product partnerships and the first adoption of the technology from e-Bike users which is a very exciting and pivotal time for the company.”
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