Kiwi company Manta5 previews its second-generation water bike. Video / Manta 5
Kiwi company Manta5 - a maker of e-bikes you can ride on the water - has teased its second-generation model, the Hydrofoiler SL3, and updated booming global sales.
The SL3 features a new throttle-only mode, which gives you the option to launch and coast without pedalling - potentially positioning itas a jetski alternative.
Compared to Manta5's current model, "It's faster, it's easy to manufacture and it's much easier to use - it opens the market right up," founder Guy Howard-Willis tells the Herald.
With the current model, it's a challenge to stay upright if you stop pedalling. The new model's superior buoyancy "gives you the chance to stop pedalling and have a breather," Howard-Willis says.
Manta5's second-generation water bike, the SL3 Hydrofoiler, due in March next year. Photo / Supplied
Manta5 claims you can learn to ride the new model in under an hour, versus three for its current water bike.
It also breaks down to be easily put into a car boot.
Howard-Wills says Manta5 is still experimenting with foils - and that the top speed will depend in part on a rider's weight and fitness level - but the SL3 should have a top speed around the 22km/h mark, and a ride time of up to 4.5 hours.
That's a bit faster and longer than the XE-1, but Howard-Willis stresses the key advances are in buoyancy and user-friendliness.
Manta5 says the current model takes around three hours to get to grips with, but that trials have shown people are confident with the new model within 60 minutes.
There will be three variants on the new model, which is due to ship in April next year.
Pricing has yet to be announced, but the firm is aiming for around US$7000 for an entry-level model through to around US$9000 for an all-carbon model with a larger battery (the current XE-1, sells for US$8990, plus delivery).
When the Herald last caught up with Howard-Wills, early in the Covid outbreak, things looked challenging.
The founder was looking to raise $10m to help his startup's commercial launch and expansion. He said today that in the event he only had to raise $4m amid sales that were stronger than expected, and logistical obstacles that were tough, but ultimately more overcome
"Launching our first bike in the middle of the pandemic wasn't the best thing in the world but we still managed to sell 1200 or about $10m worth," Howard-Willis says.
And Covid disruption is starting to clear.
"Freight rates are dropping steadily now. In short, it's easing. However, there are still factory shutdowns and lead times especially on electronics are still high," marketing manager Louis Wilks says.
"Any manufacturer who has survived over the last two years now builds these contingencies and necessary mitigations into their production plan. We, like many others, have adapted."
The SL3 (left) and SL3 Pro. Photo / Supplied
The Hamilton-based firm is targeting 3000 to 5000 units in pipeline production for next year, Howard-Wills said - implying gross sales of $27m to $45m.
Along with its new bike, Manta5 is switching to a new business model that will see it sell to wholesalers.
People will still be able to order a water bike through Manta5's website, but if applicable they'll be pointed to a local partner for the sale.
So far, it's paying off, by Howard-Willis's account.
With the SL3 still the best part of six months from rolling off production lines, the founder says Manta5 has taken an order for 1000 bikes from an American partner, 250 from Spain, 250 from Norway and 100 from Dubai.
Suburban cycling. Photo / Supplied
At the current rate, there not be any need for a capital raise, and Manta5 could be break-even or even hit profit over the next year, Howard-Willis says.
He says Manta5 could still bring in a new investor, but if so it will be someone like Yamaha or a multinational that can bring technology and other benefits to the table beyond new funds.
The Hydrofoil Bike was first conceived by Howard-Willis in 2010.
The entrepreneur joined forces with bike designer Roland Alonzo in late 2011, who had the skills to turn his idea into reality.
For two years they developed the bike in secret, and early prototypes were tested at night in a public swimming pool in Tauranga, before later graduating to test rides on Lake Karapiro.
Manta5 co-founder Guy Howard-Willis. Photo / Supplied
The startup was founded by Howard-Willis and his son Luke, who together founded the sports and fitness gear retailer Torpedo7 and daily deal site 1-Day, then sold the business to the Warehouse Group for around $65m in deals across 2013 and 2016.
The father and son own a majority of shares in Manta5's parent company.
Minority investors include the Furniss family, which made its fortune selling blueberry agritech company BBC Technologies to Norway's Tomra for $67m in 2018, and Glenn Miller, who made his money as a Hamilton Pak'nSave franchisee.
Today, Manta5 has 25 staff in New Zealand, two in China and four in Europe, and works with contract manufacturers in China, Taiwan and Malaysia.
Howard-Willis says there are multiple new models on the drawing board, from one that can handle big waves to a low-cost, pedal-power-only bike.
"With the manual model, the faster you pedal, the faster you want to go. My vision is that one day it will be an Olympic sport. That's my ultimate goal."
