FFT ready for production after e-bike motor backing
A company behind the development of an electric bicycle motor is moving into production after receiving £1.65m from investors.
The funding for East Kilbride based FreeFlow Technologies (FFT), was led by Kelvin Capital and supported by Equiry Gap, Scottish Enterprise and private individuals.
It follows an injection of £1.85m in 2020 which saw firm move into new headquarters and R&D facility, and an initial investment of £1.8m in 2018.
Chaired by Martin McCourt, former global CEO of Dyson, the business will be recruiting across electrical and software engineers, process engineers and designers.
Over 70 cycling brands, including British gravel bike maker and wooden frame specialist Twmpa Cycles have adopted its lightweight electronic transmission system that makes an e-bike look, and ride like a normal bike.
The electric bike market is 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.
Mr McCourt 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, added: “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.”