Foresight Williams Technology EIS Fund has invested £1.7 million into e-bike system company FreeFlow Technologies.
FreeFlow is developing a patented e-bike system technology that is aimed to be lightweight and compact, providing a higher power density than existing solutions.
The company has additionally developed a mechanical transmission system for fixed wheel bikes that allows the rider to freewheel, whilst retaining the smooth ride quality of fixed wheel.
As part of the investment, Martin McCourt, former CEO of Dyson, will join as chairman and Neil Edwards, who was group operations director at Dyson for five years, will join as CTO and become a director.
John Holden, director of Foresight, said: “The Fund’s strategy is to support innovative UK businesses with disruptive technologies.
“FreeFlow is a great example of engineering innovation in a relatively new and fast-growing market.
“We look forward to working with the FreeFlow team as they grow their business and helping with the commercialisation of their product.”
FreeFlow’s e-bike system is designed with the rider in mind, allowing e-bikes to be ridden faster and further for less effort when powered and to ride like normal bikes when unpowered.
James Shepherd, CEO of FreeFlow said: “We're delighted to receive this investment from the Foresight Williams Technology EIS fund.
“We're excited to be partnering with a world-class team on the development and launch of our compact, high performance e-bike system, into the rapidly growing global e-bike market.
“We'd also like to take this opportunity to say a big thank you to all those who've supported us to date, not least Scottish Enterprise, Angels Den and Dunelm Energy.”
Williams Advanced Engineering created the electric transmission system for Brompton Bicycles and the company can provide technical guidance to the FreeFlow team.
Craig Wilson, managing director of Williams Advanced Engineering, said: “We are pleased to support the investment in FreeFlow and look forward to assisting them with further enhancements of their innovative technology.
“Williams has a strong track record on four, and on occasion six, wheels, but we also have experience in the e-bike market already, having already worked on the Brompton Electric.
“This marks a further positive development to our work in electrification and technology development on two wheels as an additional aspect to our company’s diversification.”