OnePlanetCapital (www.oneplanet.capital), the climate change focused EIS fund, has made a follow-on investment in marine electrification technology company RAD Propulsion. The round has also been supported by incumbent supporting funds Vala Capital and BritBots.
The raise is to facilitate RAD’s operational scale up as its RAD 40 electric drive goes into production fulfilling key contracts and being available for the first time to select launch customers. It is anticipated that RAD will go on to raise a Series A round in 2024 as it looks to capitalise on the demand in this 12bn USD rapidly growing market.
Matt Jellicoe of OnePlanetCapital commented on the investment; “RAD Propulsion is building momentum quickly with sought after products. The industry buy-in is snowballing and with an experienced team at the helm in Dan Hook and Richard Daltry the business is on an upward trajectory that we are thrilled to be part of”.
Dan Hook, CEO of RAD Propulsion said: “Marine electrification is a nascent opportunity with 95 percent of new boats still consuming fossil fuels. The experienced teams from OnePlanetCapital, Vala and BritBots identified RAD’s unique, tech focussed approach which ideally positions us to deliver boat builders, commercial operators and high-end leisure users, the solutions they need to reduce their carbon footprint”.