Electric outboard maker ACEL Power lands $10M Series A Funding
ACEL Power, whose facilities are currently producing 50 and 75 horsepower (35 and 55 kiloWatt) electric outboard motors for OEM and repower customers, have closed a US$10M (€9.18M) Series A funding round as they gear up for production of their higher power 150 and 250 horsepower (110 and 185 kiloWatt) models this fall.
The oversubscribed 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.
‘ACEL Power well positioned’
Brad Allen, Managing Director at Tau Capital, said “We are excited to partner with ACEL in delivering the future of marine mobility and providing a cleaner solution for both recreational and commercial boating.”
“With the shift in environmental regulations and growing demand for sustainable solutions, ACEL is exceptionally well positioned to meet the market needs with their patented technology, manufacturing capability, hardware-software integration and experienced leadership.”
Allen also joins ACEL as a board director, bringing his decades of experience in global finance and as a seasoned start-up entrepreneur with multiple exits.
What is ‘Series A Funding’? According to Investopedia, “In Series A funding, investors are not just looking for great ideas. Rather, they are looking for companies with great ideas as well as a strong strategy for turning that idea into a successful, money-making business.”
Read Plugboats coverage of various fundings in the electric boat industry
Anthony Liu, CEO and Co- Founder of ACEL Power, said “The closure of this funding round enables ACEL to accelerate its growth strategy to meet the growing market demand for marine electric solutions.”
In addition to expanding ACEL’s mass production capacities, the funding will be allocated to additional R&D innovations, scaling operations, and advancing sales opportunities.
“At ACEL, we are not just electrifying the marine landscape, we are digitalizing it, reimagining boating experiences with cutting-edge digital capabilities” said Liu.
The ACEL Intelligent Electric Series – the IE50, IE75 and upcoming IE150 and IE250 – are designed and manufactured not just as motors, but as complete propulsion systems encompassing batteries, battery management system and software with a variety of innovative features.
One of those is a modular battery format that allows the overall battery pack to be split up and placed in different locations around the boat. A quick lesson: the battery ‘pack’ of an electric boat or EV is made up of smaller ‘modules’ that are in turn made of battery ‘cells’, each similar in energy capacity and output to a AA battery. (Read the Plugboats Guide to Electric Boat Batteries for more info.)
Read: ACEL introduces high power electric outboards at Miami Boat Show
Placement of the modules in the hull contributes to better balance and handling of the boat. The modules can be connected and configured either to add power or to add range, and can also be integrated with solar, generator and hydrogen fuel cell systems.
Battery packs in the IE150 and IE250 are the foundation of ACEL’s new 800V platform and use state-of- the-art Silicon Carbide (SIC) semiconductor technology.
One of the things that surprises first time electric boat drivers is the lack of noise or boat vibration that usually gives them sensory feedback on RPMs and motor performance. A clever feature of the ACEL range is throttles that vibrate to provide the physical feedback and make it easier to navigate and maneuver the boat.
Another innovation is the use of IPS (In-Plane Switching) monitor technology that provides better colour accuracy than LED panels, wider viewing angles, and an immersive viewing experience.
The new funding will enable ACEL to continue its R&D and research on every technology in their systems while also assuring the growth of manufacturing and production capabilities. Liu says “It is a solid foundation for realizing our vision of a comprehensive product portfolio that will accelerate electric boat adoption, particularly in North America and Asia.”
Exciting things are happening every day in electric boats and boating.
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