Veer Community,

We’ve been featured on another Benzinga! Check out a summary below and some key points. Be sure to check out the full article. 

With a population of more than 39 million people and a population growth rate of 6%, California has dealt with a serious congestion problem for decades.

California passed the Road Repair and Accountability Act of 2017 (SB 1) allocating $54 billion over 10 years to decrease congestion and improve California’s transit system. 

That includes $1 billion to fund the Active Transportation Program that will go toward adding new bicycle and pedestrian lanes, expanding and improving the safety of existing lanes, and funding micro-mobility initiatives that make nonmotorized transportation more accessible and more attractive to Californians. This isn’t just happening in California, cities around the world, like Paris, Berlin, and Seattle, are also investing in micro-mobility infrastructure. 

In 2019 alone, 136 million shared micro-mobility trips replaced as much as 45% of car trips. 

With the growing trend of permit-based programs, cities are able to generate revenue from application fees, permit fees and other charges to the companies that want to add their fleets to the city — making this not only more affordable than highway expansions but also a means of raising money that can be invested into further adapting cities to be more bike, scooter, and pedestrian-friendly. In Los Angeles, the largest dockless mobility program in the country was launched that same year. About 37,000 ebikes and scooters were released into the city. Because they don’t need to be docked at any particular station, residents can simply pick up an ebike or escooter whenever they need and park it wherever when they’re finished with it. This dockless system makes it more convenient and more flexible as users don’t need to search for a docking station near their destination.

The Split Belt from Veer, is a widely compatible carbon fiber belt drive that offers a smoother, safer, more durable alternative to the metal drive chains that are the current standard.

Veer, not only could it sell its proprietary Split Belt to manufacturers as they accommodate California’s growing market by scaling production and looking for longer lasting alternatives to metal drive chains, the company can also sell directly to consumers. Those consumers, who may now qualify for California’s SB 400 voucher program, can use state grant money to customize their new electric bikes.

Click here to read the full article!