Cox Powertrain raises £12 million to increase production

Cox Powertrain has raised nine million pounds from existing investors and secured a three million pound loan from HSBC UK Equipment Finance.

Cox Powertrain, the leading British manufacturer of high-power diesel outboard engines for the global marine industry, is pleased to announce that it has raised £9 million from existing investors, together with a £3 million loan from HSBC UK Equipment Finance, to enable the company to expand and increase production of its CXO300 diesel outboard.

The CXO300 was originally designed using the best automotive and marine technology. It offers significant benefits over standard petrol engines, including 25% more fuel efficiency; a lower total cost of ownership; a service life three times longer; and greatly improved environmental credentials.

The investment follows a year of significant progress in 2020, in which production of the CXO300 began and engines were shipped to Cox’s international network of distributors, including North America, Europe, the Middle East and Asia. The sum raised from existing investors is a sign of their strong confidence in the business and its potential, with a strong order book for 2021 and beyond. Cox intends to become a major global exporter of high-power diesel outboard engines. The company is targeting customers within the outboard engine market, including the fishing, farming and oil industries; the watersports sector; local governments and government agencies; and leisure boaters. This market is estimated to be worth US$1.7 billion in North America and Europe alone.

Tim Routsis, CEO of Cox Powertrain, said: “2020 was a milestone year for Cox Powertrain, as we kicked off production of the CXO300 despite the challenges of the global effects of Covid-19. This injection of capital allows us to extend our business to meet our growing order book.”

“I want to thank our suppliers around the world and acknowledge their hard work under the extreme constraints associated with Covid. It has been incredibly challenging for everyone, which is why we hope that Cox’s continued support will enable them to increase their production so that we can meet market demand.”