Toronto, Canada — In early 2008, Magna Marque (a subsidiary of auto-parts giant Magna International Inc.) purchased EPS Energy Propulsion Systems Inc., a Quebec-based maker of e-bike retrofit kits that include a battery, electric motor and handlebar control panel, all tied together with sophisticated energy-management software. The system, called BionX, became successful among cycling enthusiasts almost immediately.
Now, Magna Marque plans to leverage the in-house engineering clout of its parent company to grow BionX into the world’s most advanced – and most desired – e-bike propulsion system.
Fewer than 8,000 o BionX systems were sold in 2008, but this year the company expects to sell more than 40,000 and “well over” 100,000 systems in 2010, says president Manfred Gingl. He predicts the business will generate a “few hundred million” in sales in two or three years.