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eBliss Could Raise Capital Next Year, CEO Says

eBliss, a designer and manufacturer of electric bicycles, plans to raise capital next year, said
Chairman and CEO Bill Klehm.

The Austin, Texas-based company is focusing for the rest of the year on its new products and retail
partnerships, he said.

The business launched a few months ago and raised seed capital from individuals, but has not sought
institutional investors yet, he added. He declined to comment on how much the company could raise. It
is already generating revenue and is profitable, he noted, declining to disclose financial details.
Klehm has two partners involved in the business: President and COO Billy Edwards and Chief Design
Officer Tony Ellsworth.

It anticipates significant growth this year, following its announcement last month about its partnership
with retailer Tomberlin, a subsidiary of the Nordic Group.

eBliss’ e-bikes are designed to replace traditional automobiles for “near destination” uses, according to
Klehm. The company sells to the consumer market but intends to launch a new line of cargo and
delivery models for commercial customers by the end of 2023, he said.

The company has manufacturing partners in China, Taiwan and Europe but plans to bring some
assembly to the US over the next 12-18 months, Klehm said. The company currently has enough
capacity at its current facilities, he added.

eBliss will focus on selling products in the US for now but could expand to regions in Europe and Asia
eventually, he added, declining to elaborate.

Klehm was previously CEO of Austin-based Fallbrook Technologies, a developer of transmission
technology for e-bikes and light electric vehicles. Fallbrook emerged from bankruptcy in 2018 and
rebranded as Enviolo. The company, which moved its headquarters to the Netherlands, was acquired
by UK-based private equity firm Inflexion in February 2022 for USD 250m, according to a press

E-bikes tend to be more popular in Europe, as there are few US-based providers, Klehm said, though
he added that the US should see increased demand as traditional automobiles increase in price and
consumers shift to non-carbon-based transportation.

Other e-bike manufacturers include Norway-based Kindernay, which raised EUR 25m in April 2022.
Belgium-based Cowboy raised a USD 80m Series C in January 2022, while Netherlandsbased VanMoof secured USD 128m from its Series C in September 2021.

The company has around 25 employees.

Legal matters are handled in-house, said Klehm.

by Benjamin Glick in Chicago