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Flux Marine Raises $15.5M in Venture Capital

The electric outboard and battery developer said it will use the funding to expand manufacturing, recruit staff and cultivate technologies.
1_FLUXMARINE

Flux Marine, which is developing electric outboards and battery systems, announced that it raised $15.5 million in venture capital funding.

The Series A investors are led by Ocean Zero, an alternative-energy fund created by TED Conferences pioneer Chris Anderson and technology editor Stephen Petranek, Flux Marine said in a statement. Other participants include Boost VC and Winklevoss Capital.

Petranek said boating results in “ridiculous amounts of pollution produced by internal combustion outboard motors.” Globally, commercial vessels and recreational boats produce more CO2 emissions than airlines, he said.

“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,” Petranek said.

Bristol, R.I.-based Flux Marine is producing electric outboards in 15-, 40-, 70- and 100-hp models. The company said it will use the new round of funding to expand manufacturing, recruit and further develop advanced technologies.

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