ePropulsion announced in a statement that it has secured investment equal to tens of millions of U.S. dollars (hundreds of millions RMB or Chinese Yuan) in B+ Series funding.
The funding was acquired from investors including Lightspeed China Partners and other existing shareholders further backing ePropulsion and its innovations.
The marine electric-propulsion company has sold more than 12,000 units and achieved annual sales growth of 150 percent this year. ePropulsion said it anticipates doubling sales in 2022.
“We are incredibly excited about the funding that’s been secured and the technological advancements and innovations this will support,” Danny Tao, co-founder and CEO of ePropulsion, said in a statement. “Driven by the increasing global environmental protection and carbon-neutral demand, the electric marine market is developing rapidly and is the future trend…We hope to apply environmentally-friendly, efficient and intelligent ePropulsion products to more waters, and provide more users with a great experience."
“The electrification of shipping and boating power systems has become the new focal point in the green economy,” said James Mi, founding partner of Lightspeed China Partners. “We are very optimistic about ePropulsion making further breakthroughs moving forward and contributing to the global mission of carbon neutrality.”
According to ePropulsion, the acquired funds will increase investment in technology development and innovative research in the following areas:
- Improving and upgrading the existing product line
- Developing larger horsepower electric propulsion systems
- Developing autonomous boating technology and the “Internet of Boats”
- Increasing investment in the expansion of domestic and international markets and rapidly expanding in emerging markets
- Increasing investment in worldwide employee acquisition
Jia Zhu, partner of Lightspeed China Partners, added, “Marine transportation is responsible for contributing to global carbon emissions, and as a result the electrification of shipping and boating power to offset carbon is crucial. ePropulsion’s low-energy, quiet, and pollution-free electric outboard motors are widely acclaimed in the European and American markets especially, and its business scale is growing explosively. The company continues to innovate in artificial intelligence and marine networking technology, and we are very optimistic about ePropulsion becoming the global leader in the field of new-energy marine power system."