UBCO unveils game-changing electric trail bike, launches NZ$2m capital raise
Kiwi Utility Electric Vehicle (UEV) company, UBCO, has unveiled the innovative new Electric Trail Bike (FRX1). It has also launched a public capital raise of up to NZ$2m to drive further growth in product, inventory and market development, via online investment platform Snowball Effect.
Pairing the power of a motocross bike with the agility of a mountain bike, the FRX1 is a high-performance, light-weight trail bike designed specifically for off-road riding – and brings UBCO closer to delivering its complete product platform.
UBCO co-founder and CEO Timothy Allan says, “The FRX1 Trail Bike adds to the existing 2×2 Utility Bike and the incoming KXH portable Power Supply. Our goal is to deliver the world’s first full Off Road Electric Vehicle Platform.”
Founded in 2015, the Tauranga-based company is developing a complete product platform, combining a range of two and four wheel electric vehicles, with three enabling products and services: Portable Power, Accessories and Subscription Software (SaaS).
UBCO first experienced success in 2016 with the launch of the world’s first electric-powered two-wheel drive motorcycle, designed for off-road use in farming, followed by tourism, conservation and a range of other applications. It later released an upgraded dual-purpose model in response to demand for a road legal version, which expanded its use into recreational and urban environments.
The unique design, functionality, safety and sustainability of its innovative products helped fuel UBCO’s successful entrance to the Australian, US and European individual and commercial fleet markets – including Agriculture, Tourism, Conservation, Food Delivery and Postal Delivery, among others.
Having sold over 1,000 units since launch, and now working with over 120 dealers globally, export sales currently account for 70 percent of Global Revenue – with US sales achieving 50 percent of this. The company is forecasting a jump revenue of NZ$12.1m in FY20-21 with the introduction of new products, including the 5th generation 2×2, Portable Power and the FRX1.
UBCO plans to use the capital it raises to increase its market share in three territories (North America, Europe and Australasia) coupled with further progressing its research and development (R&D), customer acquisition and production capabilities.
In 2019, UBCO secured NZ$5.6m through Snowball Effect investors and Venture Capital fund GD1.
Snowball Effect co-founder and CEO Simeon Burnett adds, “UBCO is a Kiwi success story, having pioneered a world-leading position with its technology and customer focussed approach. For many investors, this is an appealing offer – especially for those looking to invest in more sustainable technologies.”
Pre-orders for the new FRX1 are now available, and scheduled for market delivery in mid 2020.
