Marine electric propulsion systems and services company ePropulsion reportedly raised “tens of millions of dollars” with a B + Series funding round.
The cash injection came from investors including Lightspeed China Partners and other existing shareholders who believe in the potential of ePropulsion and marine electric propulsion innovations. ePropulsion has now sold more than 12,000 units and has seen annual sales growth of 150% this year, with sales expected to double again in 2022, according to the company.
ePropulsion will use the funds acquired to increase its investment in technological developments and innovative research as well as:
- Improvement and upgrade of the existing product line
- Develop higher power electric propulsion systems that meet the rapidly growing market demand
- Develop autonomous navigation technology and the “Internet of Boats” to strive to bring a smarter navigation experience to the world
- Increase investments in expanding domestic and international markets, conduct in-depth exploration in already reached markets and expand rapidly and seize emerging markets
- Increase investments in building talent teams globally, to attract exceptional talent and ensure organizational and operational efficiency and effectiveness
“We are incredibly excited about the funding that has been secured and the technological advancements and innovations that it will support,” said Danny Tao, co-founder and CEO of ePropulsion. “Driven by growing global environmental protection and carbon neutral demand, the maritime market is growing rapidly and is the future trend. We want to be at the 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. “