A West Coast company specializing in marine propulsion is swimming in some fresh capital.
Vancouver-based ACEL Power on Wednesday disclosed the close of a series A funding round to the tune of $10 million.
The round was led by Abu Dhabi-based Tau Capital, a venture capital firm with a focus on sustainable innovations in the tech and science fields.
The capital raise is aimed at helping ACEL Power improve its mass production capacity and launch new electric propulsion systems with higher horsepower, according to a release.
Funds will also be used towards research and development, as well as expanding operations and sales.
“The closure of this funding round enables ACEL to accelerate its growth strategy to meet the growing market demand for marine electric solutions,” ACEL Power CEO and co-founder Antony Liu said in a statement. “At ACEL, we are not just electrifying the marine landscape, we are digitalizing it, reimagining boating experiences with cutting-edge digital capabilities.”
Tau Capital managing director Brad Allen said shifting environmental regulations make ACEL well-positioned to meet market demand.
“We are excited to partner with ACEL in delivering the future of marine mobility, providing a cleaner solution to both recreational and commercial boating,” he said in a statement.
