Fundraising for ePropulsion
Founded in 2012 in Hong Kong by Dany Tao, ePropulsion, now based in mainland China, has carved out a niche in the electric motor market for marine applications, offering a range of small outboard motors and pods. The company says it has sold more than 12,000 motors since its inception. It is reaching a new milestone by announcing on November 30, 2021, the successful completion of a major fundraising round of tens of millions of dollars from Lightspeed China Partners and other existing shareholders. The exact amount was not disclosed.
Industrialization and development of high power electric motors
EPropulsion's management has set several objectives for the use of these funds. Work will be done to improve the existing product range. In parallel, high power marine electric motors will be developed to meet the market demand.
Commercially, ePropulsion intends to develop its domestic market while accelerating its export sales.
Investment in the autonomous boat
Beyond the electric motorization, ePropulsion will work on broader evolutions of the boating industry. We will work on technologies related to autonomous boats and on the "Internet of Boats", in a perspective of diversification.
"Driven by the growing global demand for environmental protection and carbon neutrality, the electric marine market is developing rapidly and is the future trend. We want to be at the forefront of the industry and through continuous innovation, R&D and market expansion, we want to apply ePropulsion's eco-friendly, high-performance and smart products on more water bodies and provide an exceptional experience to more users" concludes Dany Tao, ePropulsion's CEO.
