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Best Practices

Pushme Bikes: a successful "exit" for a flexible electric startup [7/7/2020]

Pushme Bikes was founded in 2016 by Dan Keene and George Kalligeros with the aim of offering a new philosophy to urban electric bicycle transportation.

In essence, the company has developed a new approach to urban electric mobility with electric bikes and skates, in which recharging is done through an intelligent system of exchanging batteries in stores and not by direct charging. In addition, the company had developed a system for converting any conventional bicycle to an electric one.

Using an electric skateboard or bicycle with the Pushme system, low battery alerts are sent directly to the rider's smartphone, directing him to the nearest battery exchange station (Pushpod) at a nearby store to change its battery with a fully charged one. The whole process takes 10 seconds.

With the above process and having formed a network with portable and rechargeable batteries, users and urban mobility companies will be able to easily and quickly replace batteries in vehicles (eg electric skates), without having to collect and charge at night, dramatically increasing their availability.

Τhe philosophy of the Pushme system can really reverse the way urban transport works so far. The easy system of exchanging the battery license with a fully charged in a dense network of city points, makes the electric movement much more flexible and efficient than in the past. The idea of ​​Pushme comes at a time when in most urban centers the residents are very positive about micro-transportation systems with vehicles that you just rent for as long as you need them.

Another interesting element of the idea is that any small store in a city will be able to have a small battery exchange station on its site, thus turning these businesses into energy resellers.

The startup was part of the portfolio of the Fund "Velocity Partners" of EquiFund, which is funded by EPANEK (ERDF and national resources), the European Investment Fund (EIF), the European Investment Bank and institutional and private investors. The public expenditure of the investment to the company reached 417,855 euros.

The unquestionably innovative idea of ​​Pushme attracted the interest of the German TIER Mobility, which acquired it, investing a significant amount in the company and its team. TIER offers electric scooter services in 11 countries and 55 cities and participates in the Reim Now consortium of Daimler - BMW.

It is worth noting that the successful "exit" of Pushme was made with the contribution of an EU-funded fund, which shows the substantial role of the Union in promoting innovative entrepreneurship.