Veering Toward an Electric Future: San Francisco-Based Company Veer Set to Transform The Light Electric Vehicle Industry With Its Innovative Next-Gen Drivetrains

Seeking to make Light Electric Vehicles more efficient, affordable, and reliable drives Veer's forward-thinking vision and mission as the company gears up for a groundbreaking StartEngine Campaign

SAN FRANCISCO, Oct. 10, 2023 /PRNewswire/ -- Veer, (https://www.veercycle.com/), a pioneering San Francisco-based company, is driven to revolutionize the eBike and Light Electric Vehicle (LEV) industry with its next-gen drivetrains. Harnessing the strength of carbon fiber drivetrains and innovative drive systems, Veer is striving to replace age-old chain drives and gearbox transmissions, aiming to modernize LEVs as cities race towards electrified transportation.

Fueled by its mission to combat climate change, Veer seeks to accelerate the adoption of LEV usage for local transportation. The company has identified existing challenges with LEVs; they need to have more range, more power, and be more affordable. Veer offers innovative solutions, especially its Shift Drive system, which makes LEVs significantly more affordable and efficient.

Veer's recent partnership with Phatfour, (https://www.phatfour.com/en-GB ), a Dutch-based eBike brand, and the unveiling of its Super Belt and Xpert Drive product lines at Eurobike emphasize the company's progressive trajectory. Veer is also in the process of developing its patented Shift system, a 2-speed shifting mechanism set to redefine LEV efficiency.

Veer also recently launched a StartEngine campaign, (https://www.startengine.com/offering/veer), to accelerate the launch of the company's Shift Drive.

"The technology used in LEVs today is antiquated, rooted in designs over 140 years old," said Sean Hacking, founder and chief technical officer of Veer. "Our Shift Drive System eliminates the need for traditional chain systems and gearboxes, which not only have higher costs but also demand regular maintenance. Our system allows for seamless and efficient shifting on traditionally single-speed drives, ensuring optimal motor performance across various speeds."

Many LEVs, like eScooters and eMotorcycles, do not have a method to change gears, causing the electric drive system to have trouble operating at the most efficient speed, limiting range and performance. Development and integration of new technologies into different vehicle designs is difficult and expensive, holding back the entire industry. Veer's technologies are innovated specifically for LEVs and ease of integration into the vehicles. Their initial innovation, Split Belt™, was the first spliced belt drive that allowed eBikes to adopt the benefits of low maintenance and durability of belt drives with the installation ease of a chain.

Highlighting the company's market advances, Hacking noted, "The LEV industry is experiencing rapid growth and is prime for fresh innovation. Every LEV using a chain drive is part of our target. We are focused on delivering a more reliable, cost-effective, and safer drivetrain system that aligns with our vision of a sustainable future."

Statistics reveal a promising opportunity for Veer in the LEV market. By 2027, the worldwide bicycle market is projected to surge to $147.24 billion, according to a recent Fortune Business Insights report. Additionally, the electric bike market, valued at $28.87 billion in 2023, is expected to hit $52.59 billion by 2028 as highlighted in a recent Mordor Intelligence report.

For users, the benefits of Veer's Shift Belt Drive system are many-fold, ranging from increased efficiency, reduced maintenance, increased durability, cleaner usage, smoother performance, and lighter weight. Above all, the Shift system allows LEVs to use smaller motors and batteries, decreasing the overall cost of vehicles so they are more accessible to the public.

ABOUT VEER

Veer, rooted in innovation, seeks to democratize access to belt drives and electric mobility. For more information, please visit www.veercycle.com.

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SOURCE Veer