Start-up company Valo has hit its first funding target to scale production of its electric powered foiling personal watercraft, the Valo Hyperfoil, raising more than US$2 million.
The funding will also enable the capitalisation of the company’s hydrofoil technology platform.
Valo was founded by Ed Kearney to unlock the next transportation revolution with vessels that ‘fly over the water’.
“Today’s water transportation relies on designs that have not evolved much since the 1950s,” he explained. “Traditional boats encounter enormous drag, resulting in increased operating costs and decreased mobility potential.
“Valo is here to change that. Our goal is not just to build amazing hydrofoil boats that our customers love, but to also create a hydrofoil technology platform powering the marine industry of tomorrow.”
We wanted to create something that our customers would absolutely love.
Ed Kearney, Valo founder and CEO
He added: “When designing the Valo Hyperfoil, we wanted to create something that our customers would absolutely love, that also had a visual appeal that lived up to the technology that underpinned the vehicle.”
The funding marks a ‘significant step’ forward in bringing the new hyperfoils to the market.
In addition, the company has signed a letter of intent with National Marine, supplier and support services provider to super yachts, to distribute the Valo Hyperfoil to their customers.
The company has been testing its prototype which has shaped the current design of the hyperfoil.
The hydrofoil is set to be able to accelerate from 0 to 45mph in 8 seconds, powered by an electric drive system consisting of lithium battery packs, an axial flux electric motor, integrated inverter and switch boxes.
The craft, which is designed to be both agile and sturdy, has been designed by a team that has engineered a range of craft from self-landing rockets, hyperloops, drones to foiling yachts, using aerospace, motorsport and America’s Cup racing technology to create what is described as a revolutionary weightless, flying experience.
It will be manufactured in California, with parts made in facilities in the US, UK and New Zealand, made using the latest modern materials including high modulus carbon fibre composites, titanium, and ultra-high strength stainless steels.
