Oceanvolt Launches Crowdfunder
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Oceanvolt Launches Crowdfunder

Oceanvolt, the Finnish electric propulsion company, has started its third crowdfunding campaign — this time for equity shares.

Back in 2004, Oceanvolt started as one of the first companies that would design and manufacture high-level electric boat motors. In 2019, the company started its first crowdfunding campaign and raised €2 million, more than triple its goal of €600,000. The next year, it had another round and raised another quarter of a million, bringing its funds to €2,250,360. Both funding rounds were for investing in product development, creating a sales and refit network, and eventually scaling the company for future growth.

Thanks to those funds, Oceanvolt developed a new, lighter version of its modular AXC motors, as well as a HighPower version of its award-winning ServoProp variable pitch sail drive. And its international sales and distribution network include representation in the U.K., Spain, the Netherlands, Germany, and the U.S.

Based on preliminary tests, the HighPower ServoProp can generate 3 kW at 8 knots and 14 kW at 15 knots, which can be a big boon in the 50- to 7-foot sailing yacht segment.

This third round has a goal of €800,000. For €90 per share (and a minimum investment of four shares), the equity being offered is 1.71% to 6.08% of the company. According to Oceanvolt’s fundraiser on Invesdor, a fully funded campaign will “enable the company to add resources to the R&D department to finalise the software needed for system integration to onboard information equipment and to enable further remote connectivity. These features will create possibilities for new service upgrade products.”

Oceanvolt Crowdfunding Video

SOURCE | IMAGES: PLUGBOATS.

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AUTHOR: 

JESSICA MCCORMICK

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