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Wednesday 24 February, 2021

Cox Powertrain

Cox Powertrain raises £12m to ramp up production

RNS Number : 1069Q
Cox Powertrain
24 February 2021
 

 

Cox Powertrain raises £12 million to ramp up production of the CXO300 outboard engine to meet global demand

Cox Powertrain has raised £9 million from existing investors and secured a £3m loan from HSBC UK Equipment Finance.

Shoreham, UK - 24 February 2021  - Cox Powertrain, a leading British manufacturer of high-powered diesel outboard engines for the global marine industry, is pleased to announce it has raised £9 million from existing shareholders, together with a £3 million loan from HSBC UK Equipment Finance, to allow the company to expand and ramp up production of its CXO300 diesel outboard.

The CXO300 has been designed from first principles using the best of automotive and marine technology. It offers significant benefits over industry-standard gasoline engines, including 25% better fuel efficiency; lower total cost of ownership; three times longer life; improved safety; and much improved environmental credentials.

The investment follows a year of significant progress in 2020, where production of the CXO300 began and engines were shipped to Cox's international network of distributors, including in North America, Europe, the Middle East, and Asia. The amount raised from existing investors signals 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 commercially rated high powered diesel outboard engines. The company is targeting customers across the outboard motor market, including the fishing, farming and oil industry; aquatic and sports; local government and government agencies; and leisure users. This market is estimated at US$1.7bn in North America and Europe alone.

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 to fulfil our growing order books."

"I would like to thank our world-wide 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."

 

ENDS

 

About Cox Powertrain  

 

Cox Powertrain is a leading British design and engineering innovator of diesel engines developed for marine applications globally.  

 

Based on the South Coast of England, Cox Powertrain is backed by a solid base of private institutional investors. As a result, the company has been able to implement a long-term development programme of ground-breaking new products.  

 

Led by ex-Cosworth CEO, Tim Routsis, whose background lies in engine development in global automotive, aerospace, and marine markets, the company's mission was to deliver a completely new concept in diesel engines that has the potential to revolutionise the marine market.  

 

Production of Cox's first ground-breaking diesel outboard performance engine, the CXO300, began in May 2020. The high powered 300hp diesel outboard engine is an innovative product offering a new marine propulsion option and is redefining standards within the maritime industry. Delivering the same performance and packaging of a gasoline outboard but with the fuel efficiency and reliability of a diesel inboard, this purposefully built outboard has begun to revolutionise the market.   

 

Cox is supported by a worldwide distributor network made up of 35 distributors covering 100 countries.   

 

For further information, visit www.coxmarine.com

 

Cox Media contacts:

Rachel Bridge

Marketing Communications Manager

Cox Powertrain Limited

E: [email protected]

 

TB Cardew

Ed Orlebar

Tel: +44 (0) 7738 724 630

E: [email protected]  

 

Shan Shan Willenbrock

Tel: +44 (0) 7775 848 537

E: [email protected]  

 

Lucas Bramwell

Tel: +44 (0) 7939 694 437

E: [email protected]  

 

 

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