UBCO - Utility Electric Vehicle preview

UBCO was founded on the idea of a Utility Electric Vehicle (UEV) that would transform the way people ride, work and play. UBCO has established an Oregon (US) based office, launched their road legal 2x2, and grown revenue to ~$3m.

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UBCO was founded on the idea of a Utility Electric Vehicle (UEV) that would transform the way people ride, work and play.

Since it was established in 2015, UBCO has evolved into a digitally connected UEV platform including on and off road transport (2×2), portable power, accessories, and cloud-based software.

Founded in New Zealand, UBCO can now be found in international markets including the United States and Australia.


  • Since their last capital raise in early 2017, UBCO has established an Oregon (US) based office, launched their road legal 2x2, and grown revenue to ~$3m (last 12 months).
  • UBCO will launch in Europe in 2019, with fresh equity capital being raised to fund new market expansion, as well as supporting sales growth and product development.
  • UBCO’s US Compliance is a significant asset as it is a complex system that requires a 1-2-year process for market entry and compliance with the regulatory system at both a federal and state based level.
  • US revenue growth supported with a dedicated US based sales, training and distribution office which is led by experienced locals.
  • Focus on the off road outdoor and adventure market, which is a large ($1bn) obtainable market – underpinning strong forecast revenue growth to $20m by 2021.


UBCO launched its first UEV in its home market of New Zealand in 2016. The bike was named the 2x2 for the two hub motors in its front and rear wheels which enabled better traction and more torque in off road conditions. Initial production runs sold out quickly and UBCO established good credentials and a global following in this market. Along with the sale of UEVs, UBCO has also developed an eco-system of products and services that provide additional lifetime customer value; these include Portable Power, Accessories, and Software as a Service (SaaS) products.

By 2017, customers had indicated the desire 
for a road legal version of the 2x2. UBCO then launched the Dual-Purpose 2x2, built on the same chassis, but designed for road legal compliance within the United States and Europe.

UBCO has driven a contract manufacturing model with all components manufactured by specialised companies (i.e. batteries, drives, frames) due to the significantly different plant equipment, skills, and experience involved. The supply chain is global with key parts coming from the United States, New Zealand, United Kingdom, Taiwan and China.

UBCO currently sells products through distributors in 3 geographies: New Zealand, Australia and the United States. Each distributor sells to a network of UBCO-approved dealers. To date there are 91 dealers selling UBCO 2x2s and products. Within 5 years UBCO plans to grow its global presence, resulting in three geographical territories - North America (United States and Canada), Europe (EU, UK, Norway and Switzerland) and Australasia (Australia and New Zealand)

A cornerstone of UBCO's after sales support is their Dealer Training Program and the UBCO Distributor & Dealer Portal. Dealer training in the form of workshops and online content capped with accreditation ensures all dealers are equipped to both sell and service UBCO products.

There are two clear types of customers; end users (individuals) and business (fleet) customers who are drawn from varied application areas. In New Zealand the UBCO bike is used by the likes of Real Journeys, The Department of Conservation, and in the US, The Catalina Island Conservancy (California).


  • Timothy Allan (CEO): Tim Allan has over 20 years of experience as an innovation and R&D Leader. Prior to leading UBCO, Timothy established his own product development company Locus Research and led it for 15 years.
  • Katherine Sandford (Chair): Katherine is a professional Director, serving on several Boards as well as chairing the UBCO Board of Directors. Katherine developed her career at Trimble Inc and held leadership roles in Customer Service, Sales & Distribution, and served as General Manager across several vertically focused businesses.
  • Daryl Neal (Co-Founder/Director): Daryl has over 20 years of experience as an Industrial Designer, 10 of which have been in the field of electric transportation. Daryl has been responsible for the introduction of numerous products to the international market.
  • Robert (Bob) Ralston (UBCO US): Bob is a visionary entrepreneur with an eye for detail. Bob founded Feeney Wireless and developed it into an leader in the field of IoT before exiting to Novotel Wireless in 2015.


UBCO is largely focused on the North American off road adventure and utility markets which incorporates both 2 and 4 wheel vehicles ($12.7b USD / $19.2b NZD) alongside naturally competing in the on road market ($6.21b USD / $9.4b NZD).

Recreational usage includes hunting, camping, RV touring and recreational riding. Recreation is expected to be a key sector for UBCO especially in the United States, where 40% of the market is off road recreational. Commercial usage includes UBCO’s initial market of agriculture but has quickly grown to include commercial fleets for postal services, bike rental and sharing services, tourism, conservation, civic service operations and delivery operations.

UBCO's main competitors are grouped into
 on and off road electric vehicle manufacturers (e.g. Zero, Alta), incumbent combustion engine manufacturers (e.g. Honda, Yamaha, Polaris Industries etc) and manufacturers of sub-10kW portable power supplies (e.g. Goal Zero).

The UBCO 2x2 is the only vehicle of its type in production in NZ, AU, US and EU. The primary competitors are the mainstream brands which manufacture combustion engine vehicles (2 and 4 wheel). Consumers buy the UBCO product because of the design, quietness, safety, utility and simplicity, and also increasingly for sustainability reasons. The UBCO brand has positioned the product as an attractive option within the outdoor and adventure market in the US.

Financial Performance & Projections

UBCO sales growth is primarily driven by increase in global dealer network selling the UBCO 2X2 Utility Bikes through US, AU, EU and NZ. The forecasts assume that up to $5m of capital is raised progressively over the next 12 months.


Financials* 2016 2017 2018 2019 2020 2021 2022 2023
Revenues 156 461 1,437 2,674 5,806 20,052 50,713 99,476
EBITDA (722) (1,459) (1,533) (1,452) (4,604) (9,043) (6,099) 2,391

* Years are expressed as Financial Years April 1st to March 31st. Not calendar years. Figures 2016-2018 recorded as actual. 2019-2023 are expressed as prospective.

Use of Funds

Use of Shareholder Capital
Product R&D - Optimisation and Pipeline Realisation 26%
Customer Acquisition, Service and Support 24%
Production Tooling and Other Capital Expenditure 18%
Human Resources - New Head Office FTEs


Other Operating Costs


Global Marketing Support 6%
Total Capital Used 100%

Next Steps

Please register your investment interest below if you would like to receive further information and gain early access to the offer when it launches.

If you have any questions feel free to get in touch with Piers Finch at [email protected]