RAD Propulsion closes €5 million scale-up funding

One Planet Capital, Ocean Infinity, The FSE Group and High Growth Robotics, supported by Blake Morgan LLP, FAIR Advisers Ltd and existing investors have participated in the raise, ’comfortably exceeding the initial target of £2.5 million’ (€2.9 million), says RAD. “This will ramp up the company’s operational scale up as its RAD 40 electric propulsion drive goes into mass production.”

RAD Propulsion, which is based in Southampton, UK, makes control systems and electric drives in a bid to deliver safer and ‘smarter’ vessels.

“This year will see substantial progress with worldwide sales and new products launched, as the RAD team capitalises on the demand in this $12 billion rapidly growing market,” said co-founder Dan Hook, formerly of Ocean Infinity.

”The funding also allows the team to grow its technology development investing in digital tools, the 120kW product and interfaces to increase control and display partner’s products.”

Hook believes the drive for electric propulsion in marine is happening right now as customers seek alternatives to fossil fuels. 

“We are 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,” he said.