Marine technology company, RAD Propulsion Ltd, has successfully closed a £4.27m funding round 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. The raise, comfortably exceeding the initial target of £2.5m, will ramp up the company’s operational scale up as its RAD 40 electric propulsion drive goes into mass production.
Southampton based RAD creates control systems, electric drives and provides support to help boat builders and operators deliver cleaner, safer and smarter boats.Its unique RAD 40 product, a 60hp equivalent electric drive system, already has customers across the globe, including the US, Norway, Finland, Germany, Spain, UK and the Netherlands.
This year will see substantial progress with worldwide sales and new products launched, as the RAD team capitalises on the demand in this 12bn USD rapidly growing market. The funding also allows the team to grow its technology development investing in digital tools, the 120kW product and interfaces to increase control and display partner’s products.
Dan Hook said: “The requirement for electric propulsion in the marine world is happening now as customers transition away from their reliance on fossil fuels. RAD’s unique, tech focused approach ideally positions us to deliver boat builders, commercial operators and high-end leisure users the solutions they need to reduce their carbon footprint. We are hugely grateful to our investors affording us rapid expansion to get our products out to international customers and fast-track our new product development, setting us up for a profitable future.”
