Cox Powertrain has raised £9 million from existing investors and secured a £3m loan from HSBC UK Equipment Finance.
Shoreham, UK – 24 February 2020 – Cox Powertrain, a leading British manufacturer of high-powered diesel outboard engines for the global marine industry, is pleased to announce it has raised £9 million from existing shareholders, together with a £3 million loan from HSBC UK Equipment Finance, to allow the company to expand and ramp up production of its CXO300 diesel outboard.
The CXO300 has been designed from first principles using the best of automotive and marine technology. It offers significant benefits over industry-standard gasoline engines, including 25% better fuel efficiency; lower total cost of ownership; three times longer life; improved safety; and much improved environmental credentials.
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 to fulfil our growing order books.”
“I would like to thank our world-wide suppliers and acknowledge their hard work under extreme Covid-related constraints. This has been incredibly challenging for everyone, so we hope Cox’s continued support will allow them to increase their production to enable us to meet the market demands.”