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Edorado opens funding round to bring hydrofoil technology to market

CleanTech powerboat company Edorado has announced the launch of a bridge round ahead of a larger Series A in Q4 2023.

After years of engineering and testing, the Dutch company is now raising €1.75M to finalise construction of their first commercial powerboat - the Edorado 8S, an 8m all-electric, digitally connected powerboat with proprietary hydrofoil technology. The product roadmap is focused on market introduction of the 8S by Q3 2023 (ready for launch at the Cannes Yachting Festival), and the team will simultaneously be developing a 12m model.

The Product

Having fun at the expense of our planet just doesn’t feel right any more. Whilst traditional powerboats heavily pollute the air and water around them, the 8S offers premium design, power and speed without the associated oil, emissions, wake and noise. The boat is suitable for lakes, rivers and coastal waters according to CE-C certification.

With its unique combination of retractable hydrofoils and electric twin-drive system, the 8S quite literally takes off and drag is reduced by more than 60% compared to conventional planing hulls. The boat can reach up to 38 knots at top speed, and has a range of 40NM at cruising speed.

The 8S also comes equipped with a slew of state-of-the-art tech features, including a proprietary Automatic Control System (ACS). The smart computer and the associated algorithms make constant adjustments to the hydrofoils for increased safety and stability. Meanwhile, the patented Collision Impact Safety System (CISS) allows for a controlled release of the bow and the two propellers of the ‘twin drive’ system provide precision control for docking.

From the Edorado app, boat owners can see the state of charge and can send the digital key to friends wanting to take the boat for a spin. The system can be monitored remotely and is capable of over the air updates to constantly improve performance and user experience.

The Team

Founded in 2015 by two seasoned entrepreneurs Giel Groothuis and Godert van Hardenbroek, Edorado now employs 17 full-time engineers in Dordrecht, The Netherlands. Before setting up Edorado, Giel led a business incubation program in Shanghai and Godert gained extensive experience with hydrogen and electric racecar development. The combination of their complementary backgrounds makes this a very strong founder team.

“As we envisioned, the transition towards sustainable fast powerboating is finally taking off. In the past few years, our team has been working hard on the right tech to get us in prime position for this new market space. Therefore we are happy to open this bridge round, welcoming new investors on board to join the ride before we start scaling up production”, as Giel Groothuis explains.

The product design is led by well-known designer Ivo van Hulten, who has used his years of experience in the German automotive industry to design a boat with powerful lines and proportions, from the extended bow to the wraparound screen.

The company is funded by a group of private investors, including renowned technology entrepreneur and philanthropist Steven Schuurman.

Steven Schuurman commented: “I was instantly convinced, particularly by Giel and Godert’s unique clarity of vision. It’s rare to have the chance to contribute to such a strong product. It’s even rarer to be part of something with so much potential. The beauty of the Edorado is that it will lead the way, pioneering innovations that can eventually trickle down into the wider industry. And providing an unforgettable ride along the way!”

CAPITAL AT RISK. Investing in start-ups and early-stage companies involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. There is no assurance that the investment objectives of any investment opportunity will be achieved or that the strategies and methods described herein will be successful. Investors are recommended to seek independent advice before committing or if they have any doubts as to the appropriateness or suitability of such an investment in relation to their specific circumstances.


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