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Actually there are several similar solutions out there already. Check out http://www.monkeylectric.com or http://revolights.com

Still, this is a pretty neat addition to this increasingly crowded bicycle light accessory space.

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Yeah, I was also struck by the similarity to revolights (which, incidentally, was also kickstarter-funded). This one seems somewhat less effective (no forward or rear illumination, and no easy way, from the side, to distinguish the front wheel from the back to guess the direction of travel), but on the other hand, I suspect it will be cheaper, easier to install, and get you much more use on a charge.

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