A Tauranga-based utility electric vehicle company has put an electric trail bike on the market.
The New Zealand company, UBCO, has unveiled the Electric Trail Bike (FRX1). It has also launched a public capital raising of up to $2 million to drive further growth in product, inventory and market development, according to a written statement.
According to the company's statement, the FRX1 pairs the power of a motocross bike with the agility of a mountain bike to produce a high-performance, light-weight trail bike designed specifically for off-road riding.
UBCO co-founder and chief executive Timothy Allan said: "The FRX1 Trail Bike adds to the existing 2x2 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 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.
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 1000 units since launch, and now working with over 120 dealers globally, export sales currently account for 70 per cent of global revenue, with US sales achieving 50 per cent of this. The company is forecasting a jump revenue of $12.1m in FY20-21 with the introduction of new products, including the 5th generation 2x2, Portable Power and the FRX1.
UBCO plans to use the capital it raises to increase its market share in North America, Europe and Australasia, coupled with further progressing its research and development, customer acquisition and production capabilities.
In 2019, UBCO secured $5.6m through Snowball Effect investors and Venture Capital fund GD1.
Snowball Effect co-founder and chief executive SimeonBurnett said: "UBCO is a Kiwi success story, having pioneered a world-leading position with its technology and customer focused 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.
For more information on UBCO's offer, which is now live to the public, visit: https://www.snowballeffect.co.nz/offers/ubco-2020-extension