The U.S.-based billionaire plans to build 10,000 such bicycles in India by March 2016.

Billionaire philanthropist Manoj Bhargava unveiled a bicycle that produces electricity when pedalled and the product, named Free Electric, aims to help solve problem of electricity shortage in the country, particularly rural areas.

The U.S.-based billionaire plans to make 10,000 bicycles, which is expected to be in the price range of Rs.12,000-Rs.15,000, in India by March 2016. The design and manufacturing of the product will be done in the U.S. He intends to start the manufacturing the bicycle in India to reduce final price. Free Electric works by converting kinetic energy into electric energy. As the user pedals the flywheel it spins a generator which in turns charges the attached battery. One hour of pedalling can meet a rural household’s electricity needs for 24 hours, he said. As of now the bicycle will be able to light up 24 bulbs, power an electric fan and charge a mobile device simultaneously.