Metroelectric buys Bath electric bike company Powabyke
Helen YoungAn innovative company based in Bath has been bought out in an agreement worth £1 million.
Bike company Powabyke thus gets the shot in the arm it required in order to pursue its research and development of its range of electric vehicles.
The London Road-based firm is now property of Metroelectric Plc, a stock market-listed investment company with an office in London which is already dealing the electric cars, vans and scooters market.
Nick Child, the managing director at Powabyke said that the deal is very exciting news for the his firm and its employees.
He said that they were flattered to be part of a forward-thinking group such as the Metroelectric group, which proves to possess the financial might to support its enterprise and expansion.
Metroelectric has experience in the electric vehicle industry. It’s the exclusive British distributor of the Spanish-made Comarth Cross Rider, a car powered by a 4kw motor which sales for a mere £8,541 and costs only 1p a mile to operate.
According to Mr Child, Powabyke has now entered negotiations regarding the launching of two new electric cars in 2010 plus the development of a mobility electric vehicle which would greatly complement its bike range already on the market.
The Bath company is reported to have sold more than 30,000 electric bikes since 1999 via a broad network of some 400 vehicle dealers across the United Kingdom, Europe and Australia.
Metroelectric has purchased Powabyke with a mixture of liquid funds and company shares. Of the total amount, £200,000 were said to have been raise through an investment from Chinese builder Wonder Auto Technology Group.
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Filed under Business & Finance, Health & Environment, UK News