U.K.-based engine manufacturer Cox Powertrain announced it raised GBP9 million ($12.5 million) from shareholders and borrowed GBP3 million ($4.2 million), with plans to expand its Shoreham manufacturing facility and increase production of its CXO300 diesel outboard.
Production of the engine began in May 2020. Last June, Cox Powertrain said the CXO300 had received full Tier 3 approval from the U.S. Environmental Protection Agency.
”This injection of capital allows us to now scale up our business and fulfill our growing order books,” CEO Tim Routsis said in a statement. “2021 is set to be a strong year for Cox, and this huge investment of £12 million is a testament to the market’s confidence in the product.”