RevoPower inventor Steve Katsaros patented his powered wheel in 2002 and has been working on bringing the product to market since 2003. Production wheels will be ready in 2007, says the company website.
Katsaros said: "What we will delivered in the next year is a reliable and practical motor-assistance device which will reduce the worlds dependence on oil, remove congestion from crowded roads, and transform third world economies. I look forward with great anticipation seeing fleets of RevoPower bikes heading down roads across the world."
The product was officially launched in the June issue of 'Popular Science', says the RevoPower website. However, lots of background info can be found on Google.
For a 1950s take on the same sort of 2-stroke bicycle wheel engine (albeit thicker than the Revopower wheel) go here: