A new bikeshare program will begin Aug. 15 in Portland, offering residents and visitors a new way to get around the city.

Tandem Mobility, a Michigan-based company that runs more than a dozen similar programs nationwide, will make 50 bikes available next week and then add to the fleet until it offers 150 geared bikes and 50 electric bikes at more than 40 parking hubs, according to a press release from the city. The program is funded by the Maine Department of Transportation and Harvard Pilgrim Health Care.

“We are excited about the great potential for bikeshare here in Portland,” Kevin Kraft, deputy director of Planning and Urban Development for the city, said in a statement. “The bikeshare network is just one component of a vibrant multi-modal transportation system that serves residents, workers and visitors in a healthy, fun way that continues to make our city more sustainable.”

The cost to use a geared bike is $1 to unlock the bike and 15 cents per minute. Electric assist bikes will cost $2 to unlock and 30 cents per minute. Monthly memberships of $14.99 will cover the unlock fees and gives a 50% discount on the per-minute rate, according to the city.

Bike rentals, locations and instructions are available through the Movatic app.