Racold's instant water geysers are also known as the no wait water heaters. It delivers hot water instantly without the use of a storage tank. Enquire now! A tankless water heater, also known as electric instant water heater or an instant water geyser, is different from a storage water heater and other traditional water heaters as it does not store hot water. Instead, it heats the water as you use it thus delivering instant hot water on demand.