Marine electric propulsion company ACEL Power has raised US$10 million in an oversubscribed Series A funding round.
The funding will be used to increase ACEL Power’s mass production capacity including launching higher horsepower solutions. It will also be used for R&D innovations, scaling operations, and advancing sales opportunities.
“The closure of this funding round enables ACEL to accelerate its growth strategy to meet the growing market demand for marine electric solutions,” said Anthony Liu, CEO and co-founder of ACEL Power.
“At ACEL, we are not just electrifying the marine landscape, we are digitalising it, reimagining boating experiences with cutting-edge digital capabilities.”
ACEL is exceptionally positioned to meet the market needs.
Brad Allen, MD at Tau Capital
ACEL currently mass produces the high-powered Intelligent Electric Series, IE 50 (50hp) and IE 75 (75hp) electric outboards and will bring the IE 150 (150hp) and IE 250 (250hp) motors to market later in 2024.
“With the shift in environmental regulations and growing demand for sustainable solutions, ACEL is exceptionally positioned to meet the market needs,” said Brad Allen, MD at Tau Capital which led the funding round.
“We are impressed by ACEL’s patented technology, manufacturing capability, hardware-software integration and experienced leadership. We are excited to partner with ACEL in delivering the future of marine mobility providing a cleaner solution to both recreational and commercial boating.”
The new IE 150 and IE 250 electric outboard motors are designed to elevate performance on the water.
The motors are powered by ACEL’s latest 800V platform and use state-of-the-art Silicon Carbide (SIC) semiconductor technology.
ACEL Power is headquartered in Vancouver, Canada. Tau Capital is an Abu Dhabi-based private venture capital firm that supports advancements in science and technology.
