Marine electric product company RAD Propulsion announces that it has secured £1,000,000 investment from Ocean Infinity, a fast-moving marine technology business that creates innovative robotic solutions to transform operations at sea to enable people and the planet to thrive
The investment is part of a raise round to facilitate RAD’s rapid operational scale up as its RAD 40 electric drive goes into mass production. This is a pivotal year for RAD which sees its products become available to OEM partners around the World as it capitalises on the demand in this 12bn USD rapidly growing market, with new product development underway too. RAD’s launch customers include boatbuilders in the USA, Finland, Australia, Spain, Norway and the UK.
Oliver Plunkett, CEO of Ocean Infinity said: “Ocean Infinity firmly believes that developing and deploying innovative technology is key to reducing environmental impacts of operations at sea. Our relationship with RAD Propulsion will accelerate the adoption of electric propulsion in the marine world – an important step in the transition away from reliance on fossil fuels. The opportunity for this rapidly growing business to have a major impact on the future environmental footprint of the marine industry is truly exciting.”
Dan Hook, CEO of RAD Propulsion, said: “The demand for marine electrification is accelerating at a fast pace and, with 95 percent of new boats still consuming fossil fuels, the need is clear. Ocean Infinity identified RAD’s unique, tech focussed approach which 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 grateful for this significant investment which will support us to deliver stand out milestones in 2024 and beyond.”
Comments