23/10/2018 FORESIGHT WILLIAMS TECHNOLOGY EIS FUND INVESTS £1.7M INTO INNOVATIVE E-BIKE SYSTEM COMPANY FREEFLOW TECHNOLOGIES LIMITED
- On November 2, 2018
- By GrowthInvest Admin
LONDON, 23 October 2018: Foresight Group (“Foresight”) announces the £1.7 million investment from the Foresight Williams Technology EIS Fund (“the Fund”) into FreeFlow Technologies Limited (“FreeFlow” or the “Company”).
FreeFlow is developing a patented e-bike system technology that promises to be lightweight and compact, providing a higher power density than existing solutions. The Company’s novel design will improve the ride experience and bike aesthetics as it can be packaged within the bicycle frame. The Company has additionally developed an innovative 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. Martin has extensive industry experience and is Chairman to a variety of companies from electrical heating to the hospitality sector. Neil Edwards, who was Group Operations Director at Dyson for 5 years will join as CTO and become a director.
John Holden, Director, 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.”
Neil MacMartin founded FreeFlow in 2012, following over 15 years’ experience in his family bike business, based in Glasgow. 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, FreeFlow commented: “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 has direct experience in the e-bike market having created the electric transmission system for Brompton Bicycles. The company can therefore provide technical guidance to the FreeFlow team. Alongside the Fund’s investment, FreeFlow will benefit from the investment management and growth experience of Foresight’s team of investment professionals.
Craig Wilson, Managing Director, 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.”
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