Cox Powertrain raises £12 million to ramp up production of the CXO300 outboard engine to meet global demand
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.”
Cox Marine has received market feedback from South Korea indicating that its diesel outboard technology is delivering even greater fuel efficiency benefits than expected in the country's expanding seaweed harvesting industry, with operators reporting fuel savings of up to 50% compared with gasoline alternatives.
As Cox Marine continues to strengthen its global distributor network under its “fewer, bigger, better” growth strategy, trusted regional partners play a vital role in delivering technical expertise, aftersales support and customer confidence. In France, LB Tender Mechanics is at the forefront, bringing decades of marine engineering experience and a strong service infrastructure to support the growing adoption of diesel outboard technology.
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