The Finnish electric propulsion pioneer has launched a crowdfunding campaign through Invesdor with a goal of raising €800,000 for 6.08% of the company.
This is the third crowdfunding campaign for Oceanvolt, which was founded in 2004 as one of the first companies designing and manufacturing high level electric boat motors. A previous round in July 2019 hit €2M (x3 the goal of €600K) and in 2020 the company raised a further €2,250,360.
Previous crowdfunds used for product development
Previous funding was invested in product development, creating a sales and refit network and scaling the organization for growth. Product development milestones include a new lighter version of their modular AXC motors, a HighPower version of their award-winning ServoProp variable pitch sail drive, and technology and software enhancements for remote support of the propulsion systems.
The Invesdor documents show that projected sales for 2022 are almost double those of 2019 (€2.765M vs €1.405M) and the company sees an even brighter future, with projected sales of €4.438M in 2023 and growing to more than €16M by 2026.
HighPower ServoProp for 50-70 ft sailing yachts
One of the immediate and exciting opportunities for next year is the new HighPower ServoProp, which has been able to generate 3kW at 8 knots and a whopping 14kW at 15 knots of boat speed in preliminary tests. This is seen to be a big breakthrough for larger 50 to 70 ft sailing yachts.
Oceanvolt already partners with sailing yacht manufacturers including X-Yachts, Vaan Yachts, Elan Yachts, Salona Yachts, Arcona Yachts & Outremer Catamaran. A growing number of other boatbuilders are keen to offer electric propulsion as at least an option. Oceanvolt says this whole market could be as big as €38M per year.
The prospectus shows three scenarios coming out of funding. Minimal funding of €215K will enable the HighPower ServoProp to be finalized and launched in 2023. Scenario 2 sees €500k of investment used to scale up and improve the efficiency of the production with new resources and tooling. A full €800k funding will enable the company to add resources to the R&D department to finalise the software needed for system integration to onboard information equipment and to enable further remote connectivity.
Three exit scenarios
The company also sees three exit scenarios.
The first is an M&A, whereby Oceanvolt is acquired by an industry operator. Boat and equipment manufacturers in the industry and/or within Oceanvolt’s network could be potential buyers of the company. There is also the scenario of Oceanvolt being fully or partly acquired by an investment company such as a Private Equity or Venture Capital firm. The third scenario is an IPO whereby Oceanvolt is listed on a stock exchange and becomes a publicly traded company.
Full details, documents, figures and projections are available on the Oceanvolt Invesdor page. You may have to register to gain access to all information.
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