Lime Reveals New Ebike and $50 Million Expansion Investment

By McKenzie Carpenter Monday, March 1, 2021

Urban traffic can become a hindrance for many city residents. That’s why many companies have transitioned to or entered the micromobility market in urban areas to make moving through a city easier and faster. Lime, a micromobility startup and app company, recently announced the business is investing $50 million toward expansion as well as the introduction of a new electric bicycle.

A row of rentable electric bikes.

About the Micromobility Business and Expansion

Lime is a micromobility startup and app company that specializes in electric vehicle (EV) transportation like mopeds and scooters. The goal of the micromobility app is to provide EV transportation for short distances in urban areas, thus reducing traffic, creating a more affordable option than traditional transportation, and helping the environment. In 2020, the micromobility business had 2.5 million rides through its EV app rental.

Founded in San Francisco in 2017, users of the EV business app are able to locate the nearest EV rental station to them, scan the code, and start riding. The EV startup company even includes helmets to keep riders safe. To date, the EV business and app has raised nearly $1 billion in funding from a number of investors, including Uber and Alphabet.

Lime’s early success has led the micromobility startup company to announce Monday that it will be using $50 million to expand the startup company even further worldwide. Lime EV transportation is already available across the globe in more than 100 cities, but with new funding, the company would like to expand to 50 more cities by the start of 2022.

Furthermore, the EV startup company will be using a large portion of the $50 million to design and manufacture the new ebike. The new ebike features a swappable battery that is interchangeable with the EV scooters from the business. In addition, the swappable battery allows Lime to streamline charging and reduce its carbon footprint as it will require fewer gas-powered vans to transport the ebikes to be charged. The ebike will also be able to reach speeds up to 20 miles per hour.

Lime’s announcement of worldwide expansion and new ebike comes just over a month after the startup company announced the introduction of electric mopeds.

About the Micromobility Industry

Lime is not the only micromobility startup company on the market. In fact, there are several competitors, like, Bird, Uber’s Jump, Lyft’s Motivate, Citi Bike, Bluebikes, Helbiz, and many others. The transition to EV micromobility is gaining popularity around the world.

Businesses like Lime and others are capitalizing on a growing market. In the US, 60% of all trips are five miles or less, reiterating the idea that EV micromobility transportation can reduce the carbon footprint and offer more convenient transportation. The micromobility market is expected to be worth between $200 billion to $300 billion in the US by 2030. The industry is projected to grow tremendously, therefore, proving the need for transportation.

About the Author

Headshot of McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

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