Production of a new outboard engine will be ramped up to meet global demand after its manufacturer secured GB£12m in financing.
Cox Powertrain has raised GB£9m from existing shareholders and a further GB£3mi loan from HSBC UK Equipment Finance to enable it to increase production of the CXO300 300hp diesel outboard engine.
Tim Routsis, CEO of Cox Powertrain, said: “2020 was a year of milestones for Cox Powertrain as we entered production of the CXO300 despite the challenges of the global effects of Covid-19. This injection of capital allows us to now scale up our business and fulfil our growing order books.”
Production of the CXO300 successfully began in May 2020 and since then, the CXO300 has been shipped to over 16 territories across the globe.
Flexibility and scalability
The CXO300 is built at Cox Powertrain’s HQ in Shoreham, UK, where GB£6.7m from preceding investment was used to finance a production facility. This facility was built with flexibility and scalability in mind to ensure it could be adapted to keep up with demand.
When the CXO300 was launched, orders were already on the books and since production began in May 2020, there has been a significant increase in demand, with Cox having a strong order book to reflect this.
Cox Powertrain has already begun to put plans in place to acquire more parts to ensure a successful transition into ramp-up.
Cox Powertrain will be exhibiting at Seawork 2021 on stand PY65.
By Rebecca Jeffrey
