Flux Marine, a Rhode Island based developer of all-electric outboard motors and battery systems for watercraft, raised $15.5m in Series A funding.
Flux Marine, a trailblazing developer of all-electric outboard motors and battery systems for watercraft, today announced it raised $15.5 million in an oversubscribed Series A funding round led by Ocean Zero LLC. Flux Marine will leverage the new funding to expand manufacturing, recruit additional talent, and continue to develop its advanced technologies.
The unique design of Flux Marine's outboard motors provides unmatched acceleration, optimal range and zero maintenance without increasing the overall weight of a boat. By completely redesigning the outboard motor to deliver zero-emissions power, Flux Marine electric outboards exceed the performance of fossil-fuel engines. Its lineup of 15HP, 40HP, 70HP and 100 HP electric outboard models reflect years of proprietary engineering in solid-state components, thermal systems, and battery technology.
The oversubscribed Series A round was led by Ocean Zero LLC, a fund created by TED Conferences head Chris Anderson and seasoned technology editor Stephen Petranek to invest in the acceleration of alternative energy solutions for consumer and commercial marine transportation. Flux Marine also enjoyed participation in this round from Boost VC and Winklevoss Capital, and saw majority participation from previous seed and angel investors.
"Ocean Zero invests in innovative young companies that can make a breakthrough difference in decarbonizing transportation on the world's oceans, rivers and seas," said Stephen Petranek, Operating Partner for Ocean Zero LLC. "Commercial shipping by sea and recreational boating produces more CO2 emissions each year than all the world's airlines combined. Flux Marine can make a significant impact on climate change if even a fraction of the 800,000 outboard engines sold each year can be replaced by fully electric motors. Electrification of recreational boating will make a remarkable reduction in the ridiculous amounts of pollution produced by internal combustion outboard motors."
Recreational boating, which still does not require catalytic converters, releases vast amounts of particulates into the atmosphere and discharges as much as 150 million gallons of unburned gasoline into rivers, lakes and oceans annually. Flux Marine's mission, to provide performance products through sustainable technology, aims to seriously reduce these pollutants.
"Our innovative ground-up design is an entirely new efficient electric propulsion system rather than a retrofit of electric vehicle components into a typical outboard casing. By reimagining the outboard motor, we're delivering the performance boaters expect, while eliminating the pollution and minimizing the noise and maintenance owners have come to accept from traditional outboards," said Ben Sorkin, CEO of Flux Marine. "We are excited by the support of Ocean Zero and all of our investors as we continue to expand our team and manufacturing facility at our new headquarters in Bristol, Rhode Island."
Beyond its ecological benefits, Flux Marine electric outboards also eliminate the maintenance grief of standard combustion engines such as impeller replacement, spark plugs, hoses, filters, lubrication systems and winterization. While range is dependent on hull design and operating conditions, a Flux Marine 100 HP outboard mounted on a 22-foot dual console hull delivers top speeds nearing 35 knots and a range of more than 75 nautical miles on a single charge. Flux Marine publicly debuted its line of all-electric outboards at the 2021 Newport International Boat Show where it was twice-recognized with best new products awards. With R&D, corporate and manufacturing headquarters in Bristol, R.I., Flux Marine will offer in-person demonstrations this summer at experience centers on Greenwich Bay, RI and Steelpointe Harbor, CT.
"The Northeast is a fantastic place for Flux Marine to grow - both Rhode Island and Connecticut have been powerful allies as we begin to scale our operations," said Sorkin. "We recently secured tax incentives from the State of Rhode Island that will help us grow our team in the Ocean State, we're working closely with Connecticut's AdvanceCT to inshore manufacturing, and we partnered with the RCI Group to be part of a world-class destination center on Steelpointe Harbor."
Credit: PR Newswire