Cox Powertrain, a British manufacturer of high-power diesel outboard engines, announced it has raised £9 million from existing shareholders and a further £3 million loan from HSBC UK Equipment Finance to allow the company to expand and ramp up production of the CXO300 outboard engine.
Since 2007, Cox Powertrain has been continuously backed by private investors. Production of the CXO300 began in May 2020 and since then, the CXO300 has been shipped to more than 16 territories across the globe.
The CXO300 is built at Cox Powertrain’s HQ in Shoreham, U.K., where £6.7 million from preceding investment was used to finance a state-of-the-art production facility, which was planned and built with flexibility and scalability in mind.
When the CXO300 was launched, orders were already on the books and since production began in May 2020, there has been a significant increase in demand, with Cox having a strong order book to reflect this, the manufacturer said, adding it expects 2021 to be a strong year.
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 and fulfill our growing order books.”
Cox Powertrain said it has already begun planning to acquire more parts to ensure a successful transition into ramp-up.
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