Southampton’s RAD Propulsion is cruising towards mass production after closing £4.3m funding round

Marine technology firm RAD Propulsion has just closed a £4.27 million investment round to help push its RAD 40 electric propulsion drive for boats into mass production.

Based in Southampton, the company makes control systems and electric drives, supporting boatbuilders and operators to deliver cleaner, safer and smarter boats.

The RAD 40 already has customers across the globe, including Norway, Finland, Germany, Spain, the Netherlands – and the US, where the market is growing rapidly.

The team were initially targeting a £2.5 million raise, but the extra cash will enable them to invest in digital tools and interfaces, as well as their 120kW product.

CEO Dan Hook said: “The requirement for electric propulsion in the marine world is happening now as customers transition away from their reliance on fossil fuels.

“RAD’s unique, tech focused approach ideally positions us to deliver boatbuilders, commercial operators and high-end leisure users the solutions they need to reduce their carbon footprint.

“We’re hugely grateful to our investors affording us rapid expansion to get our products out to international customers and fast-track our new product development, setting us up for a profitable future.”

The round was led by One Planet Capital, Ocean Infinity, the FSE Group and High Growth Robotics. It was supported by Blake Morgan LLP, FAIR Advisers and existing investors.

• radpropulsion.com

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