Bimotal designs and develops custom electric powertrains for small electric vehicles [EVs] weighing 20-50 pounds. The company builds motors, batteries, electronics, and software to power the next generation of electric vehicles.
The business idea is unique as it focuses on small electric powertrains. Bimotal aims at reducing barriers to car-free mobility and it understands the need for lightweight forms of transportation. The company has a particular focus on smaller EVs. It has various products: Elevate, which is a direct-to-consumer product. Elevate is a removable, lightweight, and powerful e-bike motor that cleverly mounts to your bike's disc brakes and provides unparalleled flexibility for a variety of use cases. The e-bike system is the company’s first-ever product and it includes the motor, battery, mounting hardware, throttle, and installation. It has 2 products in development: Mid-Drive and Wheelchair. Mid-Drive which is a B2B product; Wheelchair which is also a B2B product. About 1% of the population uses a wheelchair (50-80M people globally). 65% of that market consists of folding wheelchairs, and many of those users suffer shoulder injuries from overuse. This presents an opportunity for lightweight, removable power-assist solutions. The total e-motor market for small powertrains is estimated to be $57B. The total addressable markets for lightweight wheelchair powertrains and premium e-mobility powertrains are estimated to be $2B and $4.5B respectively.
The company has gained significant market traction. It has $400k worth of Elevate e-bike preorders. For the period ended December 31, 2022, the Company had revenues of $1.22M ($1.1M from a related party) compared to the year ended December 31, 2021, when the Company had revenues of $1.51M ($100k from a related party). Its gross margin was 98.7% in fiscal year 2022, compared to 100.0% in 2021. The Company has had a net income of $114k and net losses of $390k for the fiscal years ended December 31, 2022, and December 31, 2021, respectively.