Bolt Bikes Rebrands After $16M Capital Raise
Australian e-bike startup Bolt Bikes has rebranded to Zoomo following a successful $16 million capital raise, including $7 million from the Clean Energy Finance Corporation (CEFC).
The company intends to use the funding to expand its vertically-integrated model into areas such as parcel, mail, and grocery deliveries. According to Mina Nada, CEO, light electric vehicles (LEVs) like e-bikes are the future of personal transport.
“We offer smart utility bikes through a physical network of service centres and microfinance capability all enabled by world-class software. The investment will allow us to expand our product lineup and physical presence.
“We believe that the bike world is ready for disruption and that in five to ten years, LEVs will be the predominant form of transportation. Zoomo is taking the lead in this transformation,” he said.
Ian Learmonth, CEO of the CEFC, says that the electrification of Australia’s light vehicles is important to meeting emissions reduction targets, and that the development of technologies, systems, and policies for sustainable urban freight is critical.
“Light Electric Vehicles (LEVs) are forecast to lead the charge in reducing emissions, with two, and three-wheeled EVs predicted to abate more carbon emissions than standard/four-wheeled EVs until 2040.
“Rapid design improvements mean that LEVs will increasingly outpace cars and vans to deliver meals, post, parcels and groceries, even over several kilometres,” he said.
Zoomo plans to expand its Melbourne operations and launch a new base in Brisbane, as well as boosting its US presence with expansion to its New York site and a new facility in Los Angeles.