Riding a bigger wave
NZ company Manta5 reveals aquabike updates and global sales
Kiwi company Manta5 — a maker of e-bikes you can ride on the water — has teased its secondgeneration model, the Hydrofoiler SL3, and updated booming global sales.
The SL3 features a new throttleonly mode, which gives you the option to launch and coast without pedalling — potentially positioning it as 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 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 22 km/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 about 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 $10 million to help his startup’s commercial launch and expansion. He said yesterday 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 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,” HowardWillis says.
“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 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 HowardWillis’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. At the current rate, there will not be any need for a capital raise, and Manta5 could break-even or even hit profit over the next year, HowardWillis 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.