Dutch e-bike manufacturer VanMoof said Wednesday it had raised over a hundred million dollars that will allow it to expand production as well as reduce costs for consumers.

The $128 million (108 million euros) takes to $182 million the amount of private financing the company has raised in less than two years as the market for e-bikes has boomed thanks to the coronavirus pandemic encouraging people to seek alternative means of transport.

Van Moof's e-bikes may be minimalist in style but they are loaded with high-end equipment and technology, including automatic electronic gear shifting and integrated anti-theft features.

At just under 2,200 euros, the company's current two models are far from the most expensive e-bikes but are also out of reach of many consumers.

VanMoof said the financing will serve to expand production and at the same time reinvent how components and software are made to make its e-bikes more accessible to consumers.

"We are reinventing, redesigning and rethinking each bike component," VanMoof cofounder Taco Carlier was quoted as saying in a statement.

"That will aid us to get 10 million people on our bikes in the next five years and our investors share our vision of a future mobility that is both intelligent and cleaner."

The company said the global e-bike market is expected to hit $48 billion by 2028, double the value it was forecasted to attain before the Covid-19 pandemic.

Related Links
Car Technology at SpaceMart.com

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

'It's not easy': Slower era dawns for Paris drivers
Paris (AFP) Aug 30, 2021
Drivers in Paris faced longer trips Monday as a lower speed limit of 30 kilometres per hour came into effect for most of the capital's streets, part of Mayor Anne Hidalgo's pledge to reduce traffic and pollution. While the measure has been praised by environmental groups and many residents, critics accuse the leftwing Hidalgo, who is weighing a bid for the presidency, of penalising millions of people who drive into the French capital each day for work. Nearly two-thirds of Paris's roads were alr ... read more