Marine electric product company RAD Propulsion has secured £1 million investment from marine technology business Ocean Infinity.
The investment is part of a funding round to facilitate RAD’s operational scale up as its RAD 40 electric drive goes into mass production.
“Ocean Infinity firmly believes that developing and deploying innovative technology is key to reducing environmental impacts of operations at sea,” said Oliver Plunkett, Ocean Infinity CEO. “Our relationship with RAD Propulsion will accelerate the adoption of electric propulsion in the marine world – an important step in the transition away from reliance on fossil fuels.
“The opportunity for this rapidly growing business to have a major impact on the future environmental footprint of the marine industry is truly exciting.”
Dan Hook, RAD Propulsion CEO, added: “The demand for marine electrification is accelerating at a fast pace and, with 95% of new boats still consuming fossil fuels, the need is clear.
“Ocean Infinity identified RAD’s unique, tech focussed approach which ideally positions us to deliver boat builders, commercial operators and high-end leisure users, the solutions they need to reduce their carbon footprint.
“We are grateful for this significant investment which will support us to deliver stand out milestones in 2024 and beyond.”
RAD’s products are due to become available to OEM partners during 2024 as the company capitalises on the demand for electric products.
The company’s launch customers include boatbuilders in the USA, Finland, Australia, Spain, Norway and the UK.
Ocean Infinity creates robotic solutions for operations at sea.