Kiwi utility EV company UBCO gets $10m boost

The upcoming Series B of UBCO, which is into utility electric vehicles, got off to a super start with prior investor Jubilee Glory Investments putting up $10 million to scale production, bolster supply chain capabilities and develop next generation products.

This additional investment follows key milestones for UBCO, which raised $10m earlier this year to fund global expansion by bringing on board investors Seven Peak Ventures, Nuance Capital, TPK, and existing venture investor GD1, and wholesale investment partners Snowball Effect and Enterprise Angels.

UBCO is a Utility Electric Vehicle (UEV) company founded in Tauranga, New Zealand by Daryl Neal, Anthony Clyde and Timothy Allan. Since its launch in 2015, the company has rapidly developed into a digitally-connected UEV platform, including on and off-road transport, portable power, accessories and cloud-based subscription software. UBCO has provided nearly 4,000 vehicles to consumers and enterprise customers across international markets, including the United States, Australia and Europe.

For those interested, the company offers a virtual test ride.

As part of the fresh capital injection, UBCO has entered into a supply chain management service agreement with TPK, leaning on the Taiwan-based global technology powerhouse’s network to increase production capacity for UBCO’s existing 2X2 product line, provide dedicated capacity for UBCO’s future releases – FRX1 and 4×4 product lines – and streamline supplier sourcing, all while focusing on increasing quality and reducing costs.

The terms of this commitment enables UBCO to fulfill ever increasing demand from the United States and European markets, double down on its ESG commitments and expand its vehicle platform from 2 to 4-wheels.

Katherine Sandford, UBCO CEO and Executive Chair, said, “We are incredibly proud of what we have accomplished in the last six years, and the continued support and strengthened commitment of our investors is only an indication of the exciting and significant growth to come. We see a huge opportunity within the US market across applications, such as adventure recreation and agriculture, where UBCO will become more relevant than ever, and we’re ready to grab it with both handlebars.

“Despite the supply chain disruptions and shortages, we have remained laser-focused in securing our position as the global leader in the utility EV category. With our strategic investors and their production networks, we believe that reaching that goal is just around the corner.”

Freddie Liu, Chief Strategy Officer of Taiwan-based TPK, said, “UBCO has very quickly emerged as one of the leading players in the utility electric vehicle industry. The team has developed cutting-edge and commercial-proven technology, and we are excited to be an accelerator in supporting UBCO’s future expansion of their product lines with our experience and expertise in supply chain management.”

Chintaka Ranatunga, UBCO Director and GD1 Founding Partner, said, “At GD1 we’re passionate about supporting New Zealand innovations, especially those that are focused on global expansion from day one. We believe UBCO is uniquely positioned to capitalise on the EV boom that is currently sweeping the transport industry. With significant progress made in the past few years, the team has built a future-proofed business that we look forward to continuing to support as they compete on the global stage.”

As the appetite grows for EV and sustainable transport options, UBCO is considering several capital pathways in both the United States, Australia and New Zealand, with an aim to secure its leadership position in the utility electric vehicle (UEV) category.

Check out the UBCO story.

Categories: 2, Vehicle

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