ACEL Power, a pioneering force in marine electric innovation, has successfully concluded its oversubscribed Series A funding round with a substantial $10 million infusion. This funding was spearheaded by Tau Capital, a prominent venture capital firm based in Abu Dhabi known for its commitment to advancing science and technology for global impact.
“This funding round marks a pivotal moment for ACEL Power, enabling us to accelerate our growth strategy and meet the rising market demand for marine electric solutions,” remarked Anthony Liu, CEO and Co-Founder of ACEL Power. “Beyond electrifying the marine landscape, we are digitalizing it by integrating cutting-edge digital capabilities, redefining boating experiences for the future.”
The capital raise will fuel ACEL’s expansion efforts, particularly in enhancing mass production capacity and launching higher horsepower solutions. Key areas of focus include research and development initiatives, operational scaling, and seizing new sales opportunities. Notably, ACEL is preparing to introduce the IE 150 (150HP) and IE 250 (250HP) electric outboard motors to market by fall 2024, building upon its existing portfolio that includes the highly acclaimed Intelligent Electric Series (IE 50 and IE 75).
Brad Allen, Managing Director at Tau Capital, expressed confidence in ACEL’s strategic positioning amidst evolving environmental regulations and growing demand for sustainable solutions. “We are impressed by ACEL’s patented technology, robust manufacturing capabilities, and its leadership’s vision,” noted Allen. He emphasized Tau Capital’s commitment to partnering with ACEL to advance marine mobility solutions, offering cleaner alternatives for both recreational and commercial boating sectors.
In conjunction with the funding, Brad Allen will join ACEL as a board director, bringing extensive experience in global finance and startup entrepreneurship to the table. His appointment underscores Tau Capital’s strategic alignment with ACEL’s mission of driving environmental and social impact through technological innovation.
ACEL Power, headquartered in Vancouver, Canada, is renowned for its leadership in designing and manufacturing electric outboard propulsion systems. The company has earned accolades for its first-of-its-kind 50 and 75 HP electric motors, setting new standards in the marine industry’s shift towards sustainability. Leveraging proprietary technology and advanced integration capabilities, ACEL Power is poised to shape a cleaner, more efficient, and intelligently connected boating landscape.
Editorial Opinion:
ACEL Power stands at the forefront of the marine electric revolution with its innovative approach to propulsion systems. By integrating advanced digital capabilities and high-performance electric motors, ACEL not only meets current market demands but also anticipates future trends in sustainable marine mobility. The company’s commitment to enhancing boating experiences through smart electric ecosystems underscores its potential to redefine industry norms and drive substantial environmental benefits. As ACEL prepares to launch its IE 150 and IE 250 motors, it is poised to expand its footprint globally, offering powerful solutions that cater to diverse needs across recreational and commercial sectors.
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