Nike have launched their new Nike+ FuelBand product, in what is clearly an attempt to broaden its range of wearable technology and health products.

The FuelBand measures the usual stuff: time, calories, and steps. Using an accelerometer to measure movement, the product includes a built-in USB and 20 LED lights that flash red or green to show your progress. It can also connect wirelessly to your iPhone via Bluetooth.

Nike have included a free iPhone app with the product, which is also social network friendly (extraverts can share their workout information with their Facebook or Foursquare friends).

Nike have even created a new fancy buzzword called “NikeFuel”, which is a measurement or score of activity (although Nike are refusing to share exactly how this is calculated).

So if you think you need another Bluetooth cardio measuring gadget, then the Nike+ FuelBand could be yours for around $180.