US electric outboard developer raises $15.5 million
Apr 11, 2022
As reported in Marine Industry News on APRIL 1ST, electric outboard motors and battery systems developer, Flux Marine, has raised US$15.5 million in an oversubscribed Series A funding round led by Ocean Zero LLC. Flux Marine will use the new funding to scale manufacturing, distribution, recruit additional talent, and continue to develop its advanced technologies.
By completely redesigning the outboard motor to deliver zero-emissions power, Flux Marinesays its electric outboards exceed the performance of fossil-fuel engines.
The oversubscribed Series A round was led by Ocean Zero LLC, a fund created by TED Conferences head Chris Anderson and technology editor Stephen Petranek to invest in the acceleration of alternative energy solutions for consumer and commercial marine transportation.
Flux Marine also enjoyed participation in this round from Boost VC and Winklevoss Capital, and saw majority participation from previous seed and angel investors.
“Our innovative ground-up design is an entirely new efficient electric propulsion system rather than a retrofit of electric vehicle components into a typical outboard casing. By reimagining the outboard motor, we’re delivering the performance boaters expect, while eliminating the pollution and minimising the noise and maintenance owners have come to accept from traditional outboards,” says Ben Sorkin, CEO of Flux Marine. “We are excited by the support of Ocean Zero and all of our investors as we continue to expand our team and manufacturing facility at our new headquarters in Bristol, Rhode Island.”
Petranek, operating partner for Ocean Zero LLC., says: “Ocean Zero invests in innovative young companies that can make a breakthrough difference in decarbonising transportation on the world’s oceans, rivers and seas. Commercial shipping by sea and recreational boating produce more CO2 emissions each year than all the world’s airlines combined. Flux Marine can make a significant impact on climate change if even a fraction of the 800,000 outboard engines sold each year can be replaced by fully electric motors. Electrification of recreational boating will make a remarkable reduction in the ridiculous amounts of pollution produced by internal combustion outboard motors.”
Beyond its ecological benefits, Flux Marine states its electric outboards also eliminate the maintenance grief of standard combustion engines such as impeller replacement, spark plugs, hoses, filters, lubrication systems and winterisation. While range is dependent on hull design and operating conditions, a Flux Marine 100hp outboard mounted on a 22-foot dual console hull delivers top speeds nearing 35 knots and a range of more than 75 nautical miles on a single charge.
Flux Marine publicly debuted its line of all-electric outboards at the 2021 Newport International Boat Show. With R&D, corporate and manufacturing headquarters in Bristol, Rhode Island, Flux Marine will offer in-person demonstrations this summer at experience centers on Greenwich Bay and Steelpointe Harbour.
“The northeast is a fantastic place for Flux Marine to grow – both Rhode Island and Connecticut have been powerful allies as we begin to scale our operations,” says Sorkin. “We recently secured tax incentives from the State of Rhode Island that will help us grow our team in the Ocean State, we’re working closely with Connecticut’s AdvanceCT to inshore manufacturing, and we partnered with the RCI Group to be part of a world-class destination centre on Steelpointe Harbour.”
