Southampton’s RAD Propulsion secures £1m funding from Ocean Infinity
RAD Propulsion has received a £1 million investment from Ocean Infinity to help fund its rapid operational scaleup.
The Southampton firm is soon set to share its propulsion products with boatbuilders around the world – with customers in the UK, US, Finland, Australia, Spain and Norway.
It’s aiming to capitalise on global demand for electric drives like the RAD 40.
Dan Hook, CEO of RAD Propulsion, said: “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.
Visit Hampshire Biz News for bright, upbeat and positive business news from the county
“Ocean Infinity identified RAD’s unique, tech focussed approach which ideally positions us to deliver boat builders, commercial operators and high-end leisure users, the solutions they need to reduce their carbon footprint.
“We’re grateful for this significant investment which will support us to deliver stand out milestones in 2024 and beyond.”
An international robotic tech firm, Ocean Infinity is headquartered in Austin, Texas, but its UK operations are based close by in Southampton.
CEO Oliver Plunkett added: “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.”
Read more - Solent wins £8.3m national funding for clean maritime innovation
