Marine electric propulsion systems and services company ePropulsion has reportedly secured "tens of millions of dollars" in a Series B funding round.
The cash infusion came from investors including Lightspeed China Partners and other existing shareholders who believe in the potential of ePropulsion and marine electric propulsion innovations. ePropulsion has now sold over 12,000 units and achieved an annual sales growth of 150% this year, with sales expected to double again in 2022, according to the company.
ePropulsion will use the acquired funds to increase its investment in technology developments and innovative research as well as:
Improving and upgrading the existing product line
Developing larger horsepower electric propulsion systems which meet the rapidly growing market demand
Developing autonomous boating technology and the "Internet of Boats" to strive to introduce a smarter boating experience to the world
Increasing investment in the expansion of domestic and international markets, conducting in-depth exploration in the already-reached markets, and rapidly expanding in and seizing emerging markets
Increasing investment in global talent team building, to attract outstanding talents and ensure organisational and operational efficiency and effectiveness
“We are incredibly excited about the funding that’s been secured and the technological advancements and innovations this will support," said Danny Tao, co-founder and CEO of ePropulsion. "Driven by the increasing global environmental protection and carbon-neutral demand, the electric marine market is developing rapidly and is the future trend. We want to be at the very forefront of the industry and through continuous innovation, research and development, and market expansion, we hope to apply environmentally friendly, efficient, and intelligent ePropulsion products to more waters, and provide more users with a great experience."
Credit: Marine Industry News