I have decided to go with a 1kw brushless hub motor rather than use the permanent magnet and chain drive. Making this change will reduce the total weight of the finished bike by up to 30 pounds. It will also free up a great deal of space. Space which I could later use to add another set of batteries that would allow me to double my range.
I will have to custom spoke the hub motor into the rear rim and add holes to it's side casing in order to mount a brake rotor.
That said, my set of five 12volt batteries arrived in the mail today.
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