French startup Angell has signed a wide-ranging partnership with SEB, the French industrial company behind All-Clad, Krups, Moulinex, Rowenta, Tefal and others. As part of the deal, SEB will manufacture Angell’s electric bikes in a factory in Is-sur-Tille near Dijon, France.
SEB’s investment arm, SEB Alliance, is also investing in Angell . The terms of the deal are undisclosed, but Angell says it plans to raise between $7.6 and $21.7 million (between €7 and €20 million) with a group of investors that include SEB.
“We originally planned to manufacture 1,500 bikes in 2020,” Angell founder Marc Simoncini told me. “We realized that we were selling more bikes than expected. We now expect to sell 10,000 bikes.”
Angell has accepted 2,000 pre-orders over the past six months — 75% in France and 25% from the rest of the world. But pre-orders accelerated drastically with the lockdown in France. During the month of May, Angell expects to sell three times more bikes than during an average month.
Originally, Angell planned to build its own factory and assemble bikes itself. SEB is allocating 25 employees on the production line and production should start at the end of May. It should definitely make things move faster and reduce potential delays.
Angell unveiled its smart electric bike in November 2019. It has a 2.4-inch touch screen, an aluminum frame, integrated lights and a removable battery.
Like other connected bikes from Cowboy and VanMoof, it pairs with your phone using Bluetooth. This way, the Angell bike has an integrated lock and alarm system. There are also an integrated GPS chip and cellular modem to track it if it ever gets stolen.
But Angell is going one step further with the integrated display. You can select the level of assistance and display information on the screen, such as speed, calories, battery level and distance. It can also display turn-by-turn directions. Your handlebar also vibrates to indicate when you’re supposed to turn left or right.
The company is also announcing a second model this week, the Angell/S. It is a smaller, lighter version of the bike with a step-through frame. Both models feature the same battery, same motor and same electronics. They also both cost €2,690 ($2,900).
Angell now expects to deliver the first batch of bikes in July. By the end of the summer, new customers should be able to order a bike and get delivered within 10 days. Eventually, the company will also roll out a full line of accessories, such as fenders, baskets and mirrors.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
