Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

UBCO Achieves Significant Capital Investment and Merger

AUCKLAND, NEW ZEALAND: It has been a huge year for UBCO, New Zealand’s best loved electric utility bike manufacturer, with the company achieving a number of significant milestones both in investment, supply chain and acquisition.

Founded with a single prototype 2x2 electric farm bike in 2014, the UBCO has now sold over 1000 units globally with the US sales delivering over 50% of the global revenue.

UBCO has evolved into a digitally connected electric vehicle platform with three enabling products and services; portable power, accessories, and cloud-based software to provide a sticky eco-system that increases lifetime customer value.

The company is on track to deliver its 5th Generation bike at their UBCON conference in Queenstown in November, along with new two new variants, new battery technology, and software.

Also to be announced at the conference is the success of negotiations with Series A & B focused venture capital fund GD1, to invest a total of $2.12m USD into UBCO, allowing it to accelerate its already rapid growth into the US. An additional $1.56m USD was led by Snowball Effect which comprised of wholesale and retail investors. Overall $3.51m USD has been raised to be used for expansion, customer acquisition and product development/production.

UBCO CEO Timothy Allan said that there is a strong fit with GD1’s strategic focus and goals and UBCO’s Business Plan and strategy.

“We’re delighted to have GD1 on board for the next stage of our growth,” says Allan.

“GD1 has a high growth mindset and a demonstrated ability to follow on and support the company with more capital in future raises through uptake of pro rata rights, reducing future financing risk.

“GD1 also provides us with strong links to Taiwan and China markets which are essential for our product manufacturing,” he said.

The GD1 investment also allows UBCO to complete the acquisition of its US subsidiary UBCO US LLC, founded when father and son technology entrepreneurs, Bob and Ethan Ralston joined UBCO in 2017, investing $1million USD into the business along with and Spring Capital Group based in Eugene, Oregon.

Bob and Ethan Ralston founded, developed and successfully exited IoT company Feeney Wireless to Novatel Wireless in 2015 and they saw UBCO as an opportunity to take an important stake in a quickly evolving EV marketplace.

Both brought important skills to UBCO with Bob Ralston provided a key role as compliance director over the last two years and Ethan Ralston driving the US business in the role of CEO.

“Having their experience and knowledge available to the company has been invaluable during our launch into the US market,” Allan says.

UBCO’s primary focus is the North American off-road recreation and commercial markets for both two- and four-wheel vehicles ($12.7b USD) as well as competing in the on-road market ($6.21b USD).

“UBCO now has three key markets segments globally: recreation and adventure; urban and metropolitan; agriculture and farming; selling to a network of more than 100 UBCO-approved dealers.

While the initial market focus was agriculture, this has quickly grown to include commercial fleets for postal services, tourism, conservation, civic service operations and delivery operations.

“There is a fleet of 10 million Utility Vehicles in the US,” Allan said.

Electrifying this fleet presents a significant opportunity for the brand that can successfully commercialize the platform to lead this revolution,” he said.

The high-performance adventure market will also be a focus for UBCO with the launch of the FRX-1, developed in partnership with Lithuanian tech firm Neematic. The bike was launched at the recent AIMExpo exhibition in the US.

“The off-road EV marketplace presents significant growth opportunities and we believe UBCO is well placed to become the world leader in this space,” Allen says.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mining: OceanaGold Announces Receipt Of WKP Mining Permit

MELBOURNE, Australia, Aug. 6, 2020 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the 'Company') is pleased to announce it has received the mining permit for Wharekirauponga ('WKP') on the North Island of New Zealand. ... More>>

ALSO:

Economy: COVID-19 Lockdown Has Widespread Effects On Labour Market

In the June 2020 quarter, the seasonally adjusted unemployment rate fell to 4.0 percent, down from 4.2 percent last quarter, while underutilisation rose, Stats NZ said today. More>>

ALSO:

NZ Post: New Research By NZ Post Shows Online Shopping Grew 105% In Alert Level 3

New research by NZ Post into how the COVID-19 response has impacted the way Kiwis shop online, shows online shopping increased 105%* when the country moved into Alert Level 3, and may have changed the way Kiwis shop permanently. Online spend peaked ... More>>

ALSO:

Banking: Westpac NZ Lowers Merchant Fees For Small Businesses

Westpac NZ is rolling out a new merchant fee pricing structure that will lead to cost savings for more than 10,000 small and medium Kiwi businesses, and could make contactless transactions more widely available for customers. On 1 September, most ... More>>

REINZ: Million Dollar Plus Property Sales Increase 11.7% Nationally

The number of properties sold around the country for one million dollars or more during the first half (H1) of 2020 increased by 11.7% compared to H1 2019, with 5,426 million-dollar plus properties sold (up from 4,858 in H1 2019) according to the Real ... More>>

Waste: Government To Regulate Plastic Packaging, Tyres, E-Waste

The Government is stepping up action to deal with environmentally harmful products – including plastic packaging, tyres and e-waste – before they become waste. As part of the wider plan to reduce the amount of rubbish ending up in landfills, ... More>>

ALSO:


Antarctica NZ: Ice-Olation

Antarctica New Zealand is gearing up for a much reduced season on the ice this year and a very different deployment to normal! Before they head to one of the remotest places on the planet, all personnel flying south with the New Zealand programme will ... More>>

ALSO:

QV Valuations: July House Price Index Illustrates Market Resilience

According to the July 2020 QV House Price Index (HPI) results out today , property values recorded a marginal increase, up 0.2% over the month. This is somewhat of a turnaround from June, after the national index edged 0.2% lower. More>>

ALSO:

Property: Queenstown Rents Experience Biggest Drop In Seven Years

Rental prices in the Queenstown-Lakes district saw the biggest annual percentage drop in seven years after falling 28 per cent on June last year, according to the latest Trade Me Rental Price Index. Trade Me Property spokesperson Aaron Clancy said ... More>>

Seismology: The Quiet Earth

As many daily activities came to a halt during lockdown, the Earth itself became quiet, probably quieter than it has been since humans developed the technology to listen in. Seismologists have analysed datasets from more than 300 international ... More>>

RNZ: James Shaw Says Kiwibank, Not Ministers Should Decide On Investors

Climate Change Minister James Shaw says Kiwibank's decision to stop doing business with companies dealing in fossil fuels is the right one. More>>

ALSO:

FMA: Kiwis Confident Financial Markets Will Recover From COVID-19, Plan To Increase Investments

Despite the majority (60%) of investors experiencing losses as a result of COVID-19, the outlook on investing remains positive, according to a Financial Markets Authority (FMA) survey. Most Kiwis (71%) were optimistic that the pandemic will pass eventually ... More>>

FIRST Union: Warehouse Using Covid For Cover As Extensive Restructure Makes Everyone Worse Off

(FIRST Union comments on The Warehouse consultation and proposed restructure) 'Unfortunately the Warehouse have done the disappointing thing and used Covid-19 to justify a bunch of operational business decisions that will leave hundreds of workers without jobs ... More>>

ALSO: