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Ryno closer to one-wheeled EV

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Thursday, October 04, 2012

Portland-based Ryno Motors is raising money for its one-wheeled EV "microcycle."

The Oregon Angel Fund committed $800,000 into the bike’s ramp-up to production six weeks ago, a $1.3-million effort aimed at putting the first round of bikes on the road, contingent on contributions from other investors that are already rolling in. Ryno also received $50,000 from Drive Oregon, along with several other private investments. The company is now within $200,000 of its target with six more investors circling.

CEO Chris Hoffmann, with partners Tony Humpage and Byron McCann, has come a long way in the five years since his then-14-year-old daughter suggested he build the bike, inspired by a videogame. Now, he’s long out of the garage. With a new red color, upgraded suspension, better removable battery and a bigger seat, the bike — tested by both celebrities and the Portland Police Bureau — is headed to a limited number of buyers soon.

Read more at Sustainable Business Oregon.

{biztweet}ryno ev{/biztweet}

 

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Old power works like a currency. It is held by few. Once gained, it is jealously guarded, and the powerful have a substantial store of it to spend. It is closed, inaccessible, and leader-driven. It downloads, and it captures.

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