The London bike rental system

London mayor Boris Johnson is intent on reinventing the wheel as he is spending nearly £140 million ($218 million) to encourage more Londoners to get on two wheels with a cycle-hire program that puts up to 5,000 bikes on London streets.

The initiative, funded by Transport for London, sponsored by Barclays, and operated by Serco, could lose almost $8 million a year, according to Kulveer Ranger, Johnson’s transportation adviser.

Riders would pay about $9 for a two-hour rental or $78 for a full day. The first 30 minutes are free but how far can you go in 30 minutes?

Barcelona, Paris, and Brussels are have already introduced public cycle-rental systems.

More here.