RAD Propulsion secures £1m funding

n electric propelled vessel from RAD Propulsion LTD, one of the ZEVI competition winners. An electric propelled vessel from RAD Propulsion LTD, one of the ZEVI competition winners.

RAD Propulsion, a British firm developing sustainable outboards, has secured £1m investment from marine robotics firm Ocean Infinity.

The investment is part of a funding round to facilitate RAD’s operational scale-up as its RAD 40 electric drive goes into mass production. This is a pivotal year for RAD, which sees its products become available to OEM partners around the world as it capitalises on the demand in this $12bn market.

RAD says its launch customers include boatbuilders in the USA, Finland, Australia, Spain, Norway and the UK.

Oliver Plunkett, CEO of Ocean Infinity, says: “Ocean Infinity firmly believes that developing and deploying innovative technology is key to reducing environmental impacts of operations at sea. Our relationship with RAD Propulsion will accelerate the adoption of electric propulsion in the marine world – an important step in the transition away from reliance on fossil fuels.

“The opportunity for this rapidly growing business to have a major impact on the future environmental footprint of the marine industry is truly exciting.”

Dan Hook, CEO of RAD Propulsion, adds: “The demand for marine electrification is accelerating at a fast pace and, with 95 per cent of new boats still consuming fossil fuels, the need is clear.

“Ocean Infinity identified RAD’s unique, tech-focussed approach, which ideally positions us to deliver boatbuilders, commercial operators and high-end leisure users the solutions they need to reduce their carbon footprint. We are grateful for this significant investment, which will support us to deliver stand-out milestones in 2024 and beyond.”

The news comes shortly after Solent-based RAD secured funding in the UK government’s Zero Emissions Vehicles and Infrastructure (ZEVI) competition, to support clean innovation in the region.

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This article was written and/or edited by the UK-based MIN team.

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