Flux Marine, developer of electric propulsion technology has received a $15 million infusion of capital to scale outboard production and expand core technology sales.
The funding included participation from existing investors and customers, as well as a new backer, Collide Capital.
The latest investment brings Flux Marine’s total funding to over $30 million since 2020 and will support Flux Marine’s transition from a two-year, customer-driven fleet validation programme to scaling production.
Flux Marine has both development and manufacturing capabilities at its 40,000sqft facility in Rhode Island, US.
The company has commercialised its 115hp electric outboard and modular battery pack which integrates across a wide range of hulls.
“The ocean environment is unforgiving – so after several years of internal prototyping and testing, we put systems in the hands of early adopters to rigorously validate real-world performance and rapidly iterate through customer feedback,” explained Ben Sorkin, CEO of Flux Marine.
We put systems in the hands of early adopters to rigorously validate real-world performance and rapidly iterate through customer feedback.
Ben Sorkin
“This period of testing with customers required a significant investment of time and resources but contributes to the overall capital efficiency of the company and instills consumer confidence as other players remain early in development.
“Since completing this testing with customers, we’ve delivered more high-voltage electric outboards than any other company on the continent over the last 18 months.”
Flux-powered boats are being used for a variety of applications, from aquaculture workboats to rental fleets on lakes, and twin-outboard superyacht tenders.
To support customers, Flux Marine’s in-house software team has developed a Fleet Telematics Platform providing real-time, cellular connection to every system in the field to monitor system health, perform remote diagnostics, configure over-the-air updates, and garner insights from trip data.
Long-term cost reduction
“Developing our own electric stack – from power electronics and cooling systems to battery packs and battery management systems, software and telematics, gives us complete control over performance, quality, supply chain, and long-term cost reduction,” added Sorkin.
The team has also found success in supporting undersea and aerospace companies with its powertrain and energy products.
“Demand for our core technology continues to increase, and we’re excited to support that demand, alongside our outboard propulsion products, across the globe,” Sorkin concluded.
