Deemed the “Ferrari of Electric Bikes,” the M55 EVO-001 is set to be released this summer after three years of development.

For the past decade, bicycle companies worldwide have attempted to conceptualize the premium electronic bike; however, with M55’s latest announcement it is now a reality. Although the EVO-001 is not sleek in appearance like the recently released Gocycle, the light-weight aluminum frame produces a dual-model capability. Integrated within each frame, M55 has stabilized a centrally-mounted motor and battery pack.

M55 is scheduled to release two models – a street version with a 250W motor, and an off-road version powered by the hefty 1300W motor. The raw performance of the off-road motor bolsters its speed up to 43mph, and has five motor speeds and 14 gears. On the other hand, the battery pack will remain the same in both models – a 20.7 Ah and 39.6 V.

The speed of either model is dictated by how fast the individual pedals, lending to a natural learning curve for first-time electric bike users.

Even though M55 has yet to release any prices, they have confirmed that the limited 250 models will be priced in accordance to their exclusivity. Aside from pictures released by M55, the EVO-001 has been kept under secrecy. However, at the 2010 EUROBIKE on August 24-28th, M55 will debut the very first model.