£12m injection for Cox Powertrain
Cox Powertrain has announced an additional £12m to ramp up production of its CXO300 diesel outboard.
The company has successfully received £9m from existing private investors and secured a further £3m loan from HSBC UK Equipment Finance to help support production to meet the increasing demand for the 300hp diesel outboard.
Since 2007, Cox Powertrain has been continuously backed by private investors. Production of the CXO300 successfully began in May 2020 and since then, the CXO300 has been shipped to over 16 territories across the globe.
The CXO300 is built at Cox Powertrain’s HQ in Shoreham, UK, where £6.7m from preceding investment was used to finance a highly advanced and state-of-the-art production facility.
When the CXO300 was launched, says Cox, orders were already on the books and since production began in May 2020, there has been a significant increase in demand. 2021 is set to be a strong year, it says.
