A SCOTS tech company is aiming to accelerate production of their new e-Bike motor, following its latest investment.
The company hopes the new investment will accelerate the production of units from its Scottish production line in 2022, ready to be sold into the fast-growing e-Bike sector.
Chaired by Martin McCourt, former Global CEO of Dyson, the business previously secured £1.8m in October 2018 and a further £1.85m in a November 2020 funding round.
The company says the latest funding will be put towards the recruitment of additional staff across electrical and software engineering, process engineering and design.
This funding round, led by Kelvin Capital, brings the total raised by FFT to £5.3m.
Over 70 cycling brands currently have FFT’s electronic transmission system unit on their radar for integration into their e-Bike ranges.
In November 2021 FFT announced its first original equipment manufacturer partnership with British gravel bike maker and wooden frame specialist Twmpa Cycles at Rouleur Live, the international cycling exhibition.
FFT’s new e-Bike transmission system is compact, with the motor and battery assembled into the bicycle frame rather than an oversized attachment, which makes the e-Bike look, and ride like a normal bike.
The growth of the global electric bike market continues to increase, with the sector expected to exceed £11.8bn in 2023 from £4.9bn in 2018 according to the Confederation of the European Bike Industry and The Light Electric Vehicle Association.
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.”
David Hemming, Managing Director of FreeFlow Technologies added: “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.”
John McNicol from Kelvin Capital said: “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.”