ePropulsion Technology(逸动科技), the global leader in marine electric propulsion systems, raised +100M yuan in Series B round.
The Dongguan-based start-up has 160+ employees, including 60 in R&D, and the main products are electric outboard motors, underwater robots and electric propulsion systems.
The company’s founder and CEO, Tao Shizheng, said it shipped 6,000 electronic products for small ships, ranked the second in the world, and cooperated with partners in over 40 countries. Despite the COVID-19 pandemic, it managed to increase the revenue by 60% in 2020, 100% expected for this year.
The global electric ship market size was valued at USD 6.45 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.2% from 2020 to 2027. The market is in its introduction stage and has enormous scope for growth in the forecast period. Rising need for reduction of carbon footprints as well as lower fuel wastage has led to the need for an electric operated marine ship, according to https://www.grandviewresearch.com/industry-analysis/electric-ship-market. Tao estimated the market size for small ships with power output less than 300Kw to be $10 billion, reported 36kr.com.
The international market accounted for 90% of the company’s revenue, but it plans to strengthen domestic campaigns toward business and government clients, such as for reservoirs, scenic areas and waterways.