ePropulsion Secures B+ Series Funding for Technology Developments and Innovative Research

Marine electric propulsion systems and services company ePropulsion has announced that it has secured hundreds of millions of RMB in B+ series funding, equating to 'tens of millions of US dollars', which came from investors including Lightspeed China Partners and other existing shareholders.

Photo: ePropulsion

ePropulsion plans to use the funding to 'improve and upgrade' its existing product line and also develop autonomous technology and the larger horsepower electric propulsion systems for which there is a 'rapidly growing market demand'.

Photo: ePropulsion

Danny Tao, co-founder and CEO of ePropulsion said: "We are incredibly excited about the funding that's been secured and the technological advancements and innovations this will support. 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."

Photo: ePropulsion

James Mi, founding partner of Lightspeed China Partners added: "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. 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 and contributing to the global mission of carbon neutrality."

Photo: ePropulsion

Founded in 2012 at the HKUST, ePropulsion provides highly innovative products for all water enthusiasts. These include electric propulsion for boats, intelligent underwater robotics, and electric water products. With sales in more than 60 countries in various continents, including Europe, North America, Australia, and Southeast Asia, ePropulsion's products are renowned for their high quality, silent operation, eco-friendliness, and low maintenance. The power output of the electric outboard motors ranges from 1 to 25 kilowatts, equivalent to outboard gasoline motors from 3 to 40 horsepower. ePropulsion is paving the way for more sustainable boating with a growing number of conscientious boat owners converting from gasoline to electric propulsion.

Source:

en.jiagle.com/leisure

lieyunwang.com

marineindustrynews.co.uk

www.bunkerspot.com