Electric propulsion firm Oceanvolt launches €800,000 crowdfunding campaign

Finnish electric propulsion pioneer Oceanvolt has launched a crowdfunding campaign through Invesdor with a goal of raising €800,000 for 6.08 per cent of the company, which includes its fully owned subsidiary Oceanvolt USA. The equity shares are being offered at €90 each, with a minimum investment of four shares.

Oceanvolt says the company is experiencing strong demand for its solutions, with new orders showing a 60 per cent growth compared to last year. The company, which was founded in 2004, says that to support this growth and the launch of its new product line in early 2023, it requires additional working capital and so has embarked on the crowdfunding round.

This move marks Oceanvolt’s third crowdfunding campaign. In July 2019, Oceanvolt’s crowdfunding campaign hit €2m, more than triple the €600,000 goal. In 2020 it initiated another round and raised €2,250,360.

Tommi Lassila, CEO, says: “Oceanvolt is a leading supplier of electric propulsion systems for leisure boating. Our systems provide all the benefits of electric propulsion, low noise and vibration levels, no fumes from the combustion engine and excellent dynamics. In addition, our patented hydrogeneration system provides clean electricity production during sailing, enabling fossil fuel-free operation. New funds are needed to further speed up our growth through new product development and production efficiency.”

The Oceanvolt Invesdor page says those funds were used to invest in growth through product development, creating a sales and refit network and scaling the organisation for growth.

That product development includes a new lighter version of their modular AXC motors, a HighPower version of their award-winning ServoProp variable pitch sail drive, and technology and software enhancements for remote support of the propulsion systems.

Oceanvolt offers hybrid or electric systems as a power and propulsion option in partnership with many leading boat builders and is adding new partners continuously. The company also offers repowering solutions for converting away from legacy diesel engines.