Lightweight electric bike manufacturer Maeving, has announced an £11m funding boost, aimed at expanding overseas sales, particularly in the United States and the European Union.
The new money mostly comes from private investors but also includes a half-million-pound deal with the West Midlands Co-Investment Fund, aimed at boosting manufacturing in the area. Maeving is based in Coventry, and local West Midlands Mayor Richard Parker was effusive about the deal.
“Maeving represents the very best of West Midlands innovation. And there is nowhere better than Coventry – the original beating heart of the British motorcycle industry – for them to set up and write a new success story. Motorcycle production is a proud part of Coventry’s identity. This investment shows that the green industrial revolution is happening in the West Midlands, creating high-quality jobs for local people and cementing our place as a dynamic exporter and a leader in advanced manufacturing.”
Sebastian Inglis-Jones, co-founder of Maeving, said: “From day one, our vision was to bring electric motorcycle manufacturing to the West Midlands, building on the region’s incredible heritage. We believe electric motorcycles have the potential to radically transform our cities for the better, making them cleaner, quieter, cheaper and healthier places to live, and we’re immensely proud to be the leading electric motorcycle manufacturing company in the UK.
The support from the fund isn’t just financial, it’s an endorsement of our vision for a green revolution in personal transport, and it means we can create more high-skilled, high-paid jobs right here in Coventry.”
Rupert Lyle, investment director and fund principal at Future Planet Capital, added: “Maeving’s combination of British engineering heritage with cutting-edge electric vehicle technology is a story of innovation meeting impact. The West Midlands Co-Investment Fund was established to nurture high-growth potential SMEs like Maeving that can supercharge the regional economy. The company’s trajectory and the high-skilled jobs it’s creating are exactly what we aim to achieve. We provide not just capital, but a wealth of experience to help these businesses scale.”
Maeving’s retro-styled range is available in entry-level RM1 and RM1S 125cc-equivalent variants, and it recently launched the RM2 two-seater version. The bikes use single or dual removable batteries that can be easily charged from standard mains sockets, and the firm has carved out a niche amongst trendy urban commuters.
More information: www.maeving.com.