Faraday Bicycles, a new electric bicycle company, raised $100,000 in a single week via a Kickstarter campaign to fund its first production run of high-end, European-style bikes with a 250w motor.
Kickstarter is an online community funding platform. Faraday now has 268 Kickstarter backers.
The company's initial goal was to raise $100,000 by August 11, but since money came so quickly, the company now hopes to raise $300,000. If the $300,000 goal is met, Faraday will be able include Bluetooth on the bike and create a custom mobile app with features voted on by everyone who pledged.
Faraday Bicycles began as a concept from the design firm IDEO in conjunction with Rock Lobster Cycles for the Oregon Manifest bicycle design contest.
“Bicycle ridership and commuting is booming in the US, yet there is still a total lack of compelling electric bike products," said Adam Vollmer, who left IDEO to start Faraday Bicycles. "With Faraday, we are redefining people’s expectations for what an e-bike – or any bike – can be.”
The battery charges through any standard electrical outlet and lasts for 10-15 miles at full power
The bike features a 250w motor, Avid mechanical disc brakes, an internal 8-speed Shimano Alfine hub, integrated LED front and rear lights, bamboo fenders and a Brooks B17 saddle. The bicycle can be pedaled like any normal bike. A thumb lever switches on the motor, which can propel the bike for 10-15 miles on a charge. The bike comes with two charging cables that plug into any standard outlet.
At $3,500, it certainly isn't cheap, but at least 268 people have voted with their dollars that the bike is a worthwhile concept.
