The company’s non-voting stock, worth close to $3 billion, will be owned by a collective that will use all profits that aren’t reinvested into the business to fight climate change.

“Mass uptake of e-bikes” will also lead to “a significant early contribution” in reducing transport emissions, while asking much less of the power grid, the study found. E-bikes are a double boon to the grid because their home chargers run on existing circuits and draw “relatively low power (500 watts to 1400 watts).”