Team Name: PedalCell
Concept: PedalCell is the ultimate bicycle power source to keep cyclists safe and connected. PedalCell converts their motion into continuous charge for lights, smartphones, GPS, and other essential USB devices.
Challenge: Batteries run out of power while biking. A bike light can die in as little as 30 minutes, leaving riders unsafe. The riders with the largest need for power are bicycle tourers who go on trips ranging from days to months. Bicycle tourers depend on wireless devices on their trips, such as smartphones and GPS cycling computers. Other essential devices include lights, electric tire pumps, cameras, speakers, water purifiers, and CPAP machines.
Tourers have difficulty staying charged off-grid, especially when their devices are used while riding. Low service areas, extreme climates, and high screen brightness can drain a device up to 10X faster than normal. Some are forced to plan their trips around multiple hours-long recharge locations at bars or gas stations. These pit stops conflict with the spontaneous and fun nature of bicycle touring. Bicycle tourers invest upwards of $700 into complex energy solutions (batteries, generators, solar, etc.) that fail to meet their power needs.
Solution: PedalCell is the ultimate bicycle power source to keep cyclists safe and connected. Bicycle tourers take trips without access to power that ranges from multi-days to years-long. PedalCell converts their motion into continuous charge for lights, smartphones, GPS, and other essential USB devices. Cyclists can ride safer, longer, and further with fully-charged batteries, thanks to PedalCell.
PedalCell mounts in minutes on nearly all bike designs and is ready for the outdoors with a weather-resistant housing. The design is patented in the US and internationally pending. PedalCell is reviewed to be 3X more powerful than competitors while costing 1/2 as much. PedalCell is made in Chicago, IL USA and has shipped to 30+ countries. PedalCell is available at pedalcell.com and its global dealer network.
Market: PedalCell’s Serviceable Obtainable Market (SOM) is touring “bicycle touring” enthusiasts in cycling-accessible communities who spend over $3K on their cycling gear in North America and Europe. These bicycles comprise 1% of bicycles (5 million bikes) within these nations, leading to a market value of $1.6B when multiplied by PedalCell’s MSRP of $299.99. This market has grown 144% YoY, accelerated by the COVID-19 bicycle boom.
Competition: PedalCell is far more powerful and durable than any other bicycle generator on the market and is better suited to outdoor environments than any battery pack. PedalCell uses its patented supercapacitor technology (patent no. 10727688 in USA, pending in AU, CA, and EU), that generates up to 6X the power output of any other generator competitor. In addition, the technology can withstand wide outdoor temperatures, has high efficiency, and has a 20X lifespan of any lithium-ion battery.
The product itself installs in minutes on nearly any bicycle, unlike the professional installs of other generator solutions. PedalCell also costs 1/2 ($299 MSRP) of any alternative.
Value Creation: PedalCell’s bicycle tourer addressable market is $1.6B. However, the overall cycling addressable market is worth $15B. PedalCell will capture this market share by developing new products and services, such as more affordable future generations and a mobile app with a subscription to track health metrics for PedalCell rides. In addition, lights, battery packs, and other complementary accessories will build out an ecosystem of products for PedalCell riders. It’s on track for $7M+ annual revenue by 2023, and $22M+ by 2024.
PedalCell will also target new distribution channels. These include large retailers such as REI and Costco and B2B cycling brands such as Trek and Specialized.
PedalCell’s power management patents are agnostic to the bicycle, meaning they can be applied to other sectors such as green tech, scooters, and automobiles. PedalCell can choose to enter these sectors or license the technology to others.
PedalCell was founded with a mission to promote bicycling adoption. Cycling promotes sustainable transportation, decongestion within cities, and healthy behaviors. Also, PedalCell offers 100% clean electricity generation for its users, energy that the grid would have otherwise provided. PedalCell estimates that its user base will generate 1.9 million kilowatt-hours per year by 2025. This number is equivalent to 190 million charged iPhones or ~200 U.S. homes powered for one year. These metrics ensure that PedalCell’s impact grows along with its user-base. Cycling is a critical activity now more than ever. Not only is cycling healthy and sustainable, but COVID-19 has reinforced its placement in our day-to-day lives. Bicycling is one of the top activities for exercise and social distancing. There has been a 600% increase in bicycle sales since COVID-19 started. These trends created permanent changes in cycling infrastructure across the globe. PedalCell is the ultimate way to keep these cyclists charged, connected, and safe throughout their rides through clean electricity generation.
Team: The company’s award-winning team has won over two-dozen awards and grants, including the midwest’s largest hardware start-up competition in 2020. Co-Founders Adam Hokin (CEO) and Vishaal Mali (CTO) founded PedalCell in 2015 as college freshmen. Adam is a graduate of the University of Michigan’s Ross School of Business with concentrations in Sales, Marketing, and Entrepreneurship. Vishaal invented the company’s core IP and is a graduate of Northwestern University’s McCormick Engineering School in Computer and Electrical Engineering. David Harper (CMO) is also a Northwestern Graduate with half-a-decade of online marketing experience. Other team members include Mitch Muller, a mechanical engineering veteran with experience at SpaceX as well as Apple, and Kyle Gao, a China-based member with 5+ years of Asian supply chain operations experience. PedalCell’s is headquartered at mHUB, a micro-factory in West Town, Chicago, and manufactures in Evanston, IL.