Fly-E Group, Inc. Selected as the Official E-Bike Provider for NYC DOT’s Trade-In Program
Fly-E Group (NASDAQ: FLYE) announced that its Fly-11 PRO e-bike has been selected as the official e-bike for the NYC Department of Transportation's E-Bike Trade-In Program. The program aims to distribute approximately 400 e-bikes during the pilot period, replacing uncertified e-bikes with models meeting UL 2849 safety standards and UL 2271-certified batteries.
The Fly-11 PRO was chosen for its advanced safety features, including UL-certified components, advanced battery management system, and superior durability. This isn't Fly-E's first NYC collaboration, as the company previously supported the Equitable Commute Project (ECP).
Fly-E Group (NASDAQ: FLYE) ha annunciato che la sua Fly-11 PRO e-bike è stata selezionata come e-bike ufficiale per il Programma di Scambio E-Bike del Dipartimento dei Trasporti di New York City. Il programma si propone di distribuire circa 400 e-bike durante il periodo pilota, sostituendo le e-bike non certificate con modelli che soddisfano gli standard di sicurezza UL 2849 e batterie certificate UL 2271.
La Fly-11 PRO è stata scelta per le sue avanzate caratteristiche di sicurezza, tra cui componenti certificati UL, un sistema di gestione avanzato della batteria e una superiore durabilità. Questa non è la prima collaborazione di Fly-E con NYC, poiché l'azienda ha precedentemente sostenuto il Progetto di Pendolarismo Equo (ECP).
Fly-E Group (NASDAQ: FLYE) anunció que su Fly-11 PRO e-bike ha sido seleccionada como la e-bike oficial para el Programa de Intercambio de E-Bike del Departamento de Transporte de NYC. El programa tiene como objetivo distribuir aproximadamente 400 e-bikes durante el período piloto, reemplazando bicicletas eléctricas no certificadas por modelos que cumplan con los estándares de seguridad UL 2849 y baterías certificadas UL 2271.
El Fly-11 PRO fue elegido por sus avanzadas características de seguridad, que incluyen componentes certificados por UL, un sistema de gestión de baterías avanzado y una durabilidad superior. Esta no es la primera colaboración de Fly-E con NYC, ya que la empresa apoyó previamente el Proyecto de Transporte Equitativo (ECP).
Fly-E 그룹 (NASDAQ: FLYE)는 Fly-11 PRO 전기 자전거가 뉴욕시 교통국의 전기 자전거 교환 프로그램의 공식 전기 자전거로 선정되었다고 발표했습니다. 이 프로그램은 약 400대의 전기 자전거를 파일럿 기간 동안 배포하여 인증되지 않은 전기 자전거를 UL 2849 안전 기준을 충족하는 모델과 UL 2271 인증 배터리로 교체하는 것을 목표로 하고 있습니다.
Fly-11 PRO는 UL 인증 부품, 고급 배터리 관리 시스템 및 뛰어난 내구성을 포함한 고급 안전 기능으로 선택되었습니다. Fly-E가 뉴욕시와 협력한 것은 이번이 처음이 아니며, 과거에는 공정한 통근 프로젝트(ECP)를 지원한 바 있습니다.
Fly-E Group (NASDAQ: FLYE) a annoncé que son Fly-11 PRO e-bike a été sélectionné comme vélo électrique officiel pour le Programme d'échange de vélos électriques du Département des Transports de NYC. Ce programme vise à distribuer environ 400 vélos électriques pendant la période pilote, remplaçant des vélos électriques non certifiés par des modèles conformes aux normes de sécurité UL 2849 et aux batteries certifiées UL 2271.
Le Fly-11 PRO a été choisi pour ses fonctionnalités de sécurité avancées, y compris des composants certifiés UL, un système de gestion de batterie avancé et une durabilité supérieure. Ce n'est pas la première collaboration de Fly-E avec NYC, car l'entreprise a précédemment soutenu le Projet de Transport Équitable (ECP).
Fly-E Group (NASDAQ: FLYE) gab bekannt, dass sein Fly-11 PRO e-bike als offizielles E-Bike für das E-Bike-Tauschprogramm des NYC Departments of Transportation ausgewählt wurde. Das Programm zielt darauf ab, während der Pilotphase etwa 400 E-Bikes zu verteilen und nicht zertifizierte E-Bikes durch Modelle zu ersetzen, die den Sicherheitsstandards UL 2849 und UL 2271-zertifizierten Batterien entsprechen.
Die Fly-11 PRO wurde wegen ihrer fortschrittlichen Sicherheitsmerkmale ausgewählt, die UL-zertifizierte Komponenten, ein fortschrittliches Batteriemanagementsystem und überlegene Haltbarkeit umfassen. Dies ist nicht die erste Zusammenarbeit von Fly-E mit NYC, da das Unternehmen zuvor das Projekt für eine gerechte Pendelzeit (ECP) unterstützt hat.
- Selected as official e-bike provider for NYC DOT's Trade-In Program
- Contract to supply approximately 400 e-bikes during pilot period
- Previous experience with NYC through Equitable Commute Project demonstrates track record
- None.
Insights
The NYC DOT contract for 400 e-bikes during the pilot period represents a modest but strategic win for Fly-E Group. Based on the company's current market cap of <money>$10 million</money> and assuming an average e-bike price of <money>$1,500-2,000</money>, this deal could generate approximately <money>$600,000-800,000</money> in revenue. While the immediate financial impact is , the real value lies in the validation of Fly-E's safety standards and potential for future expansion. NYC's e-bike delivery worker population exceeds 65,000, presenting a significant growth opportunity if the pilot succeeds. The UL certification requirements create a barrier to entry, positioning Fly-E advantageously against competitors. Previous involvement in the Equitable Commute Project demonstrates a track record with NYC authorities, increasing chances of program expansion.
The UL 2849 and 2271 certifications are important differentiators in the e-bike market, particularly following recent lithium-ion battery fires in NYC. These standards specifically address electrical systems safety and battery integrity - critical concerns for urban deployment. The advanced battery management system in the Fly-11 PRO suggests sophisticated thermal monitoring and overcharge protection, essential features for intensive delivery use. This certification alignment positions Fly-E strategically as cities nationwide increasingly regulate e-bike safety standards. The company's proactive compliance with these stringent requirements creates a competitive moat in the rapidly growing urban mobility sector.
New York, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Fly-E Group, Inc. (Nasdaq: FLYE) (“Fly-E” or the “Company”), an electric vehicle company engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, electric scooters, and related accessories, today announced that its flagship e-bike model, the Fly-11 PRO, has been officially selected by the New York City Department of Transportation (“NYC DOT”) as the official e-bike for the E-Bike Trade-In Program (the “Program”). NYC DOT expects to distribute approximately 400 e-bikes during the pilot period.
This Program underscores New York City’s commitment to improving safety and sustainability by replacing uncertified e-bikes and lithium-ion batteries with models meeting UL 2849 safety standards and featuring UL 2271-certified batteries. The Fly-11 PRO was chosen for its advanced safety features, including UL-certified components, an advanced battery management system, and superior durability and range. With its commitment to quality and innovation, Fly-E is expected to equip NYC delivery workers with safer and more efficient transportation options. In addition, this isn’t Fly-E’s first collaboration with NYC. The Company previously supported the Equitable Commute Project (ECP), and had accumulated valuable expertise in e-bike replacement programs and community engagement.
Mr. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, commented, “At Fly-E, safety and sustainability are at the heart of everything we do. The Fly-11 PRO was specifically designed with advanced UL-certified components, a robust battery management system, and exceptional durability to prioritize user safety. We are proud to support NYC’s efforts to create a safer, more sustainable future for delivery workers and communities alike. This selection highlights our unwavering commitment to quality, innovation, and environmental responsibility, and we remain committed to driving long-term growth and success for our company.”
About Fly-E Group, Inc.
Fly-E Group, Inc. is an electric vehicle company that is principally engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, electric scooters and related accessories under the brand "Fly E-Bike." The Company's commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. For more information, please visit the Company's website: https://investors.flyebike.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and that the forward-looking statements contained in this press release are subject to the risks set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the section under "Risk Factors" of its most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed with the SEC on June 28, 2024. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
For investor and media inquiries, please contact:
Fly-E Group, Inc.
Investor Relations Department
Email: ir@flyebike.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
FAQ
How many e-bikes will Fly-E Group (FLYE) supply for NYC DOT's Trade-In Program?
What safety certifications does the Fly-11 PRO e-bike have for the NYC DOT program?
What previous experience does Fly-E Group (FLYE) have with NYC programs?
Why was Fly-E Group's Fly-11 PRO selected for NYC DOT's Trade-In Program?
