RAD Propulsion has closed a £4.27m funding round -comfortably exceeding the initial target of £2.5m.
The investment will enable the marine technology company to ramp up its operational scale as its RAD 40 electric propulsion drive goes into mass production.
The Southampton, UK, based company creates control systems, electric drives and provides support to help boat builders and operators deliver cleaner, safer and smarter boats.
Its RAD 40 system – a 60hp equivalent electric drive system – has customers across the globe, including the US, Norway, Finland, Germany, Spain, UK and the Netherlands.
This year is expected to bring substantial progress with worldwide sales and new products launched, as the RAD team capitalises on demand in what is estimated to be a 12bn USD growing market.
The funding will also allow the team to grow its technology development investing in digital tools, the 120kW product and interfaces to increase control and display partner’s products.
“The requirement for electric propulsion in the marine world is happening now as customers transition away from their reliance on fossil fuels,” explained Dan Hook, who heads the company.
“RAD’s unique, tech focussed approach ideally positions us to deliver boat builders, commercial operators and high-end leisure users the solutions they need to reduce their carbon footprint.”
The funding round was led by One Planet Capital, Ocean Infinity, The FSE Group and High Growth Robotics, supported by Blake Morgan LLP, FAIR Advisers Ltd and existing investors.
