E-bike system innovators Fazua are been provided with a €12 million loan from the European Investment Bank (EIB) as part of a drive to ensure EU-based businesses grow and remain competitive globally.
The loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), and Munich-based Fazua were identified as a startup with the know-how to scale up and develop new, innovative products. The European Commission Vice-President Valdis Dombrovskis said: “By guaranteeing the EIB's financing to Fazua, the Juncker Plan once again shows its support for an innovative, ambitious, EU-based startup keen to scale up and develop new products to bring to market. Fazua's ongoing success translates into more jobs and sustained growth for the local economy, which is the core focus of the Juncker Commission.”
Fabian Reuter, CEO of Fazua, said: “The capital provided by the EIB is the ideal financing instrument for us in our current business phase. In addition to the Evation drive system, which has already been very successfully launched on the market, we can now invest even more in the expansion of our product range.”
Fazua have grown rapidly in recent years, with their Evation system appearing on e-bikes from the likes of Canyon, Pinarello and Boardman. At just 4.6kg for the latest Fazua Evation system including the motor and battery, it's proved particularly popular on e-road bikes where keeping weight down to a minimum is more preferable to riders; you can also remove the downtube unit and replace with a cover to drop the weight by a further 2.9kg if you want to ride without assistance.
How would you like to see Fazua's e-bike system improve with this extra cash injection? Let us know in the comments!