Micromobility firm Lime is reportedly planning a £25m expansion in London, extending its cycle hire services to a further three boroughs and opening a new warehouse in north London.
As part of the expansion, the company will spend a further £1m on dedicated parking areas. Last year, a report by Steer in partnership with Lime recommended the creation of 10,000 new shared e-bike parking spaces across London.
The transport consultancy also presented five recommendations to support the growth of shared e-bike services, including a London-wide shared e-bike service with standardised service areas and consistent parking and riding rules.
Lime is also one of the operators of London’s e-scooter trial, but this expansion will only apply to e-bike rentals.
> Lime e-bikes are most commonly used for commuting
Lime’s e-bikes are currently available to rent in 16 out of the 32 London boroughs. The firm has previously claimed that 97% of Londoners are never more than two minutes from one of its bikes.
Other companies that operate shared e-bikes in London include Santander and Forest, with Dott having removed its fleet from London last year.
Explaining the move, Dott said the capital’s bike rental market was “totally out of control” and the ‘failure’ to regulate the capital’s rental e-bikes in a similar way to e-scooters “made no sense”, and was bad for business and users.
Geo-fencing issues resulting from different operators striking deals with different boroughs were cited as a particular problem. Chief executive Henri Moissinac said Dott cyclists gave “extremely negative feedback” when Camden Council struck a deal with Forest and Lime, as it meant Dott bikes' electric motors cut out when crossing into the borough.
> How do Santander e-bikes compare to Lime, Tier and Forest?
In a statement about its expansion, Lime CEO Wayne Ting said the firm is poised to continue its growth in 2024.
The firm surpassed 150 million total rides and over $600m in gross bookings in 2023, and more than 42 cities saw trips double year over year.
“This is a strong affirmation that our team is building a resilient business capable of achieving our long-term mission," said Ting. "More riders took more rides on our e-bikes and e-scooters than ever before.
“I’m also heartened by cities’ continued embrace of our zero-emission, two wheeled transportation options as solutions to poor air quality, crippling congestion, inequitable transit services and the existential threat of climate change.
“On the heels of another record setting year, Lime is poised to continue our growth in 2024, with new vehicle options and plans for expansion to new cities.”
