Tauranga-based electric motorcycle maker Ubco has a total of around $ 5.2 million from new investors.
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Ubco, founded in 2014, says more than 1000 of its whisper-quiet electric motorbikes worldwide via a network of 100 dealers, with the US accounting for some half of its revenue.
Yadea, which produces around three million light vehicles a year for various brands.
The 2019 Ubco 2×2 dual-use model costs $ 7999 plus onroad costs, weighs 65kg, has a top-speed of 50km / h and can go up to 120km on a single charge (which takes six to eight hours).
Domino's, which has been purchased from Ubco's near-silent motorbikes for a New Zealand delivery trial, has been one of the startup's marquee customers this year, helping it to push annual revenue around the $ 3m mark.
Ubco chief executive Timothy Allan told the Herald that after Domino's head office, he had bought 2 bikes for a trial.
With no oil costs and fewer repairs and servicing required, Allan maintains an ubiquitous engine for two years if a deliverer is clocking around 20,000km per year. It depends on your power plan, but most will be able to recharge an Ubco for less than $ 1.
Ubco will release an offroad trial bike, the FRX1 next year for $ 9499.
The FRX1 weighs 52kg, has a top speed of 80km / h and has a range of up to 100km on a single charge.
And around May, we'll see a refresh of the 2×2 line, with the road-registerable 2x2ADV (which will be priced around $ 7999 in line with its predecessor) and the offroad-only 2x2WK – which Allan says "is a stripped-down bike that takes us back to our roots ".
Ubco also revealed this week that it has been raised from US $ 2.2m from venture capital firm GD1, which has taken a 15 per cent stake.
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Ubco previously raised $ 3.95m in 2017.
Allan says that the company's US subsidiary, UBCO US LLC, founded when father-and-new technology entrepreneurs Bob and Ethan Ralston joined UBCO in 2017, investing US $ 1m into the business along with and Spring Capital Group based in Eugene, Oregon.
The Ralstons opened doors, helping Ubco establish a dealer network in North America. Now, Allan says, the ownership needs to be streamlined, which he sees as a precursor to a major raise involving US investors. The younger Ralston will remain head of Ubco's US operation.
Allan says his company's custom-designed battery is one of its key advantages. It can be removed from one of Ubco's electric bikes or used in situ to charge the likes of power tools. Allan sees that feature, plus the bikes' near-silent engines, as a boon for farmers.
The KXH Portable Power System, as the latest battery is known, can be used to charge your iPhone. It's also hot-swappable, meaning a spare battery will extend your bike's range.
"Over time we envisage the portable power being a business unit. We see it being a significant part of the business moving forward," Allan told the Herald.
A quad bike is also in the offing.
Looking ahead, Ubco's primary focus will continue to be on the North American market.
"There is a fleet of 10 million Utility Vehicles in the US," says Allan.
"Electrifying this fleet presents a significant opportunity for the brand to successfully revolutionize this platform," he said.
In global automotive terms, Ubco is a minnow. And with traditional motorcycle makers like Ducati and Harley-Davidson releasing electric models, and specialist startups like California's Zero in the fray, Ubco is just one of many contenders. But it's cheaper than the competition, and its offroad focus and multi-use battery it out.
But while Ubco's initial focus was firmly on farms, "this has quickly grown to include commercial fleets for postal services, tourism, conservation, civic service operations and delivery operations", says Allan.
As the shift to EVs shakes up the light-vehicle market, the ubco boss says that his Bay of Plenty is a world leader.