RAD Propulsion secures investment from OnePlanetCapital, Vala Capital and BritBots to scale production of electric marine drives.
The follow-on funding round was led by OnePlanetCapital to support operational expansion and the rollout of the RAD 40 electric drive.
RAD Propulsion develops advanced marine electrification products, including electric outboard drives built on scalable digital architecture.
Marine electrification company RAD Propulsion has secured a follow-on investment led by OnePlanetCapital, with participation from Vala Capital and BritBots. The capital will support the company as it scales operations for the production and launch of its RAD 40 electric drive.
The business is preparing for commercial delivery to initial customers and aims to complete a Series A round in 2024. The funding arrives as the maritime sector addresses a heavy reliance on fossil fuels, with the company positioned to supply low carbon propulsion systems.
From the founder
"Marine electrification is a nascent opportunity with 95 percent of new boats still consuming fossil fuels. The experienced teams from OnePlanetCapital, Vala and BritBots 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"
Dan Hook
CEO at RAD Propulsion
Investor perspective
"RAD Propulsion is building momentum quickly with sought after products. The industry buy-in is snowballing and with an experienced team at the helm in Dan Hook and Richard Daltry the business is on an upward trajectory that we are thrilled to be part of"
Matt Jellicoe
OnePlanetCapital
Use of funds
- 01Scale operations
Investors
Categories
About the company
RAD Propulsion
RAD Propulsion builds next generation electric drives and smart marine technology for watercraft.