Green Angel Ventures today announced the completion of an investment in an early-stage venture producing a revolutionary chain drive product. New Motion Labs Limited (NML) is a high-tech engineering company that has successfully re-engineered chain drives for the first time in 150 years, substantially improving their durability and efficiency.
The investment was led by Green Angel Ventures and supported by Innovate UK which has added an additional £700k to the raise. The investment will enable NML to ramp up sales in the burgeoning e-mobility sector while establishing a foothold in the complex global industrial market which is many orders of magnitude larger.
As global temperatures rise and many parts of the world are seeing their hottest summers yet, there is an ever-increasing need to reduce energy consumption, and NML’s proprietary technology achieves this by improving the energy transfer efficiency of a chain drive while dramatically extending chain life.
“We are delighted to have received investment to drive our technology into the global market for chain drives,” states Marcel Fowler, Founder of New Motion Lab. “There are estimated to be five billion chains in the world, and the continuing support from GAV will help us realise our vision to disrupt that market with a product that will improve drive efficiency, thereby reducing energy demand at this critical time as the world strives for Net Zero by 2050.”
Steven Senior, CEO of New Motion Labs, asserts, “Our product is disrupting the market as the longest lasting most durable chain drive in the world by a substantial margin, as demonstrated during independent tests that have revealed a 3.5x increase in chain life thanks to reduced wear and tear. The technology is ideal for eBikes and eCargo bikes, which is why we are exhibiting at Eurobike in Frankfurt this week where we have meetings booked with hundreds of people interested in our product.
He completes saying, “I am delighted by the progress of our fantastic sales team have made in e-mobility this year, already exceeding our annual sales target, and also the growing interest we are seeing from industrial companies to license our technology for wider application.”
Nick Lyth, President of Green Angel Ventures, commends the progress of New Motion Lab, stating, “We have been greatly impressed by NML. Their progress in commercialising their technology thanks to the efforts of their remarkable team is a testament to their deep commitment to the fight against climate change.”