Electric Outboard Maker Flux Marine Raises $15 Million in Funding
Flux Marine, a developer of all-electric outboard motors and battery systems for watercraft, announced that it has raised $15.5 million in an oversubscribed Series A funding round led by Ocean Zero LLC. Flux Marine will leverage the new funding to expand manufacturing, recruit additional talent and continue to develop technologies.
Cash Infusion
The oversubscribed Series A round of funding was led by Ocean Zero LLC, a fund created by TED Conferences head Chris Anderson and veteran technology editor Stephen Petranek to invest in the acceleration of alternative-energy solutions for consumer and commercial marine transportation. Flux Marine also enjoyed participation in this round from Boost VC and Winklevoss Capital, and saw majority participation from previous seed and angel investors.
"Ocean Zero invests in innovative young companies that can make a breakthrough difference in decarbonizing transportation on the world's oceans, rivers and seas," said Petranek, operating partner for Ocean Zero LLC. "Commercial shipping by sea and recreational boating produces more CO2 emissions each year than all the world's airlines combined. Flux Marine can make a significant impact on climate change if even a fraction of the 329,500 outboard engines sold each year can be replaced by fully electric motors. Electrification of recreational boating will make a remarkable reduction in the ridiculous amounts of pollution produced by internal combustion outboard motors."
Added Ben Sorkin, CEO of Flux Marine, “By reimagining the outboard motor, we're delivering the performance boaters expect, while eliminating the pollution and minimizing the noise and maintenance owners have come to accept from traditional outboards. We are excited by the support of Ocean Zero and all of our investors as we continue to expand our team and manufacturing facility at our new headquarters in Bristol, Rhode Island."
The Product
Flux Marine's outboard motors provide the acceleration, range and minimum maintenance that make electric power so attractive and the company says it does so without increasing the overall weight of a boat. Flux Marine’s lineup includes 15-, 40-, 70- and 100-hp electric outboards that feature proprietary engineering in solid-state components, thermal systems and battery technology.
The 70-hp outboard has acceleration power of 115 hp, a 3.3-kW charger and a 6.6-kW upgrade is available. Power tilt and trim are standard and it includes a remote throttle and display screen at the helm. Weight is listed at 130 lbs. (58.97 kg) and the retail price is $12,000 plus the battery. The small battery is rated at 40 kWh and is priced at $20,000. Upgrading to a standard 50kWh bumps the price to $25,000 and the 80kWh is $40,000. It comes with a 5-year warranty.
The 40-hp motor weighs 105 lbs. (47.63 kg) and has the same chargers available. Retail price is $6,500 and the batteries range from 18kWh at $9,000 to 24 kWh at $12,000 and 36kWh at $18,000. The 15 hp comes with a 3.3kW charger and weighs 75 lbs. (34.02 kg) and has a retail price $4,000 plus the battery. The battery starts at $3,500 for 6kWh, $6,000 for 12kWh and $10,000 for 20kWh. They all come with the 5-year warranty.
For boats, Flux offers a 13’ rigid hulled inflatable boat with a 5.75’ beam that comes with a 40-hp engine. It pushes the boat to a top speed of 26 mph and an estimated range of 30 miles (48 km). Pricing for the RIB starts at $35,000. For more power and range, upgrade to the 70 hp engine that boosts speed to 45 mph, range to 40 miles and price to $50,000.
Flux also has available a 21.5’ Scout dual console with the 70-hp electric outboard that has an estimated top speed of 30 mph and a range of 50 miles (80 km). Upgrade to the 100-hp outboard for a top speed of 38 mph and a range of 75 miles (120 km).
Flux Marine’s electric outboards made their debut at the 2021 Newport International Boat Show where it was twice-recognized with best new products awards. Flux Marine will offer in-person demonstrations this summer at experience centers on Greenwich Bay, RI and Steelpointe Harbor, CT.
"The Northeast is a fantastic place for Flux Marine to grow — both Rhode Island and Connecticut have been powerful allies as we begin to scale our operations," said Sorkin. "We recently secured tax incentives from the State of Rhode Island that will help us grow our team in the Ocean State, we're working closely with Connecticut's AdvanceCT to inshore manufacturing and we partnered with the RCI Group to be part of a world-class destination center on Steelpointe Harbor."
Boaters can preorder Flux Marine's 15-, 40- and 70-hp electric standalone outboards, or choose from multiple electric boat packages with up to 100 hp. To preorder, or for more information about repowering any hull, please visit https://www.fluxmarine.com/.