Cox Powertrain, a British manufacturer of high-powered diesel outboard engines for the global marine industry, has announced it has successfully raised £9m from existing shareholders and a further £3m loan from HSBC UK Equipment Finance.
The funding will allow the company to expand and ramp up production of the CXO300 outboard engine to grow internationally. So far, it has been shipped to over 16 territories across the globe.
The CXO300 is built at Cox Powertrain’s HQ in Shoreham, UK, where £6.7m from preceding investment was used to finance a highly advanced and state-of-the-art production facility.
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 fulfil our growing order books.
“I would like to thank our worldwide suppliers and acknowledge their hard work under extreme Covid-related constraints. This has been incredibly challenging for everyone, so we hope Cox’s continued support will allow them to increase their production to enable us to meet the market demands.”