ACEL Power Secures $10M in Series A Funding to Drive Sales and Advance Renewable Energy Solutions in the Marine Industry
July 30, 2024
ACEL Power of Vancouver, British Columbia, a trailblazer in marine electric innovation, has closed their oversubscribed Series A round with US$10M in funding. The funding was led by Tau Capital, an Abu Dhabi-based private venture capital firm committed to supporting advancements in science and technology for a positive impact on the world.
“The closure of this funding round enables ACEL to accelerate its growth strategy to meet the growing market demand for marine electric solutions,” says Anthony Liu, CEO and Co- Founder of ACEL Power. “At ACEL, we are not just electrifying the marine landscape, we are digitalizing it, reimagining boating experiences with cutting-edge digital capabilities.”
With this capital raise, ACEL will focus on increasing its mass production capacity including launching higher horsepower solutions. The funding will go towards R&D innovations, scaling operations, and advancing sales opportunities. ACEL currently mass produces the high-powered Intelligent Electric Series, IE 50 (50HP) and IE 75 (75HP) electric outboards, and will bring the IE 150 (150HP) and IE 250 (250HP) motors to market in fall 2024.
“With the shift in environmental regulations and growing demand for sustainable solutions, ACEL is exceptionally positioned to meet the market needs. We are impressed by ACEL’s patented technology, manufacturing capability, hardware-software integration and experienced leadership. We are excited to partner with ACEL in delivering the future of marine mobility providing a cleaner solution to both recreational and commercial boating,” said Brad Allen, Managing Director at Tau Capital.
Brad Allen also joins ACEL as a board director, bringing decades of experience in global finance and as a seasoned start-up entrepreneur with multiple exits. Brad is passionate about building companies that have both social and environmental impact utilizing the latest in technological innovations.
ACEL is well-equipped to realize its vision of creating a comprehensive product portfolio to accelerate electric adoption. ACEL electric propulsion systems can be seen in boats around the world, including North America and Asia. The upcoming IE 150 and IE 250 electric outboard motors are engineered to elevate performance on the water, boasting exceptional power outputs. Powered by ACEL’s latest 800V platform and utilizing state-of-the- art Silicon Carbide (SIC) semiconductor technology, these motors are pushing the boundaries of innovation.
www.acelpower.com
