RAD Propulsion announces £1m funding

The investment is part of a round to enable RAD’s operational scale-up as its RAD 40 electric drive goes into mass production.

“This is a pivotal year for RAD, which sees its products become available to OEM partners around the world as it capitalises on the demand in this $12 billion rapidly growing market, with new product development under way too,” said RAD Propulsion CEO Dan Hook. “RAD’s launch customers include boatbuilders in the USA, Finland, Australia, Spain, Norway and the UK.”

RAD Propulsion has developed quickly, having been founded in 2018, offering modular propulsion drives for a range of boat configurations that connect through the company’s RADBus drive-by-wire system architecture.

RAD’s first product was the RAD 40, an electric outboard that runs on 40kW (55hp) of continuous power.

“Ocean Infinity firmly believes that developing and deploying innovative technology is key to reducing environmental impacts of operations at sea,” said Ocean Infinity CEO Oliver Plunkett. “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 demand for marine electrification is accelerating at a fast pace and, with 95% of new boats still consuming fossil fuels, the need is clear,” said Hook. “Ocean Infinity identified RAD’s unique, tech-focused approach which ideally positions us to deliver boat builders, commercial operators and high-end leisure users with the solutions they need to reduce their carbon footprint.

“We are grateful for this significant investment which will support us to deliver stand out milestones in 2024 and beyond.”