ePropulsion secures millions of dollars of new funding

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’. 

The funding was acquired from investors including Lightspeed China Partners and other existing shareholders. ePropulsion has now sold over 12,000 units and achieved an annual sales growth of 150 per cent this year, which is still growing at a pace with sales expected to double again in 2022.

ePropulsion will use the acquired funds to increase its investment in technology developments and innovative research as well as:

• Improving and upgrading the existing product line
• Developing larger horsepower electric propulsion systems which meet the rapidly growing market demand
• Developing autonomous boating technology and the ‘Internet of Boats’ to strive to introduce a smarter boating experience to the world
• Increasing investment in the expansion of domestic and international markets, conducting in-depth exploration in the already-reached markets, and rapidly expanding in and seizing emerging markets
• Increasing investment in global talent team building, to attract outstanding talents and ensure organisational and operational efficiency and effectiveness

Danny Tao, co-founder and CEO of ePropulsion, says: “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.”

James Mi, founding partner of Lightspeed China Partners, adds: “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.

“Marine transportation is responsible for contributing to global carbon emissions, and as a result the electrification of shipping and boating power to offset carbon is crucial. ePropulsion’s low-energy, quiet, and pollution-free electric outboard motors are widely acclaimed in the European and American markets especially, and its business scale is growing explosively. The company continues to innovate in artificial intelligence and marine networking technology, and we are very optimistic about ePropulsion becoming the global leader in the field of new-energy marine power system.”