A Canadian startup wants to decarbonize boating. And they’re using lithium-ion batteries to do it.
What’s happening:
- Canadian electric outboard motor manufacturer Acel Power has raised $10M USD in a new Series A financing round
- The round was led by Abu Dhabi based venture capital fund Tau Capital
Why it matters:
- Decarbonizing marine travel is of significant importance due to the large emissions of hydrocarbons caused by gas powered outboard motors, as well as the frequent discharging of fuel directly into ocean water
- Electric powered boats have become a rising trend in Silicon Valley, with electric boat manufacturing startup Arc previously raising a large financing round from Lowercarbon Capital and Menlo Ventures
By the numbers:
- Acel Power’s battery powered motors last on average 5x longer than gas powered motors
- Currently, Acel Power has launched electric outboard motors that have 50 horsepower and 70 horsepower capabilities
Going deeper:
- Acel Power currently has motors operating both commercial and recreational boats in North America and Asia
- Acel Power’s electric outboard motors are powered entirely by lithium-ion batteries
