Somerset, N.J. – ePropulsion, a global leader and market challenger in marine electric propulsion systems and services, announced that it has secured hundreds of millions RMB (Chinese Yuan) in B+ Series funding, equating to tens of millions of U.S. dollars.
The funding was acquired from investors including Lightspeed China Partners, and other existing shareholders who believe in the potential of ePropulsion and its industry-leading innovations. ePropulsion has now sold over 12,000 units and achieved an annual sales growth of 150% this year. The company anticipates sales to double again in 2022.
ePropulsion will use the acquired funds to increase its investment in technology development and innovative research as well as:
- Improving and upgrading the existing product line
- Developing larger horsepower electric propulsion systems which meet the rapidly growing market demand
- Developing autonomous boating technology and the ‘Internet of Boats’ to strive to introduce a smarter boating experience to the world
- Increasing investment in the expansion of domestic and international markets, conducting in-depth exploration in the already-reached markets, and rapidly expanding in and seizing emerging markets
- Increasing investment in worldwide employee acquisition to attract outstanding talent and ensure organizational and operational efficiency and effectiveness
“We are incredibly excited about the funding that’s been secured and the technological advancements and innovations this will support,” said Danny Tao, co-founder and CEO of ePropulsion. “Driven by the increasing global environmental protection and carbon-neutral demand, the electric marine market is developing rapidly and is the future trend. We want to be at the very forefront of the industry and through continuous innovation, research and development, and market expansion, 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 as the industry strives for carbon neutrality and sets strategic goals for carbon peaking,” said James Mi, founding partner of Lightspeed China Partners. “With years of outstanding research and development, ePropulsion is a market leader in the field of electric marine power systems, making a significant impact to the green and low-carbon development of the entire industry. We are very optimistic about ePropulsion making further breakthroughs moving forward and contributing to the global mission of carbon neutrality.”
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.”
2022 is set to be an exciting year for ePropulsion, which celebrates its 10-year anniversary and the launch of its new vision to empower people with clean and intelligent technology that reconnects them with the aquatic environment, in tandem with its clear new mission to spearhead the coming electric and intelligent boating revolution. ePropulsion’s continued success is paving the way for more sustainable boating and a growing number of conscientious boat owners converting from petrol to electric propulsion outboards since its first product launch.
Headquartered in China, ePropulsion was set up in 2012 and is led by a team of technology entrepreneurs that are focused on developing uncompromising superior products. Since the company launched its first electric outboard in 2014 it has fast become a force to be reckoned with in the electric propulsion market, seeing the brand win significant market share across Europe and the world – which continues to grow. ePropulsion has a clear mission to become the global leader in marine electric propulsion systems and services. This pioneering, market challenger brand is at the very forefront of the industry and is recognized across the world for its exceptional product quality, performance, and technological innovations. ePropulsion was the first company to launch a brushless direct-drive electric outboard motor in the market and offers a portfolio of 1 – 6kW outboard engines across its Spirit and Navy ranges that are renowned for being high quality, quiet, eco-friendly and low maintenance.