Blake Morgan advise on RAD Propulsion growth
Blake Morgan corporate team has advised marine electric drive company RAD Propulsion on an oversubscribed funding round. The £4.27m of new equity raised will enable RAD to accelerate its product development, marketing and sales.
RAD Propulsion (RAD) was formed in 2018 by co- founders Dan Hook and Rich Daltry and has already acquired customers in the US, Norway, Finland, Germany, Spain, UK and the Netherlands. RAD makes electric motors for boats, its first product to market is the RAD 40, a 60 hp equivalent drive, and this exciting round of investment allows them to expand operations and build its product portfolio.
Dan (Co-founder and CEO) commented that:
“The requirement for electric propulsion in the marine world is happening now as customers transition away from their reliance on fossil fuels. RAD’s unique, tech focussed approach ideally positions us to deliver boat builders, commercial operators and high-end leisure users the solutions they need to reduce their carbon footprint.”
With the funding round far exceeding the initial funding target of £2.5 million, the company is set to ramp up its sales of the RAD 40, expand its team and develop new products.
Rich (Co-Founder) added:
"We are hugely grateful to our investors supporting us to get our products out to international customers and fast-track our new product development, setting us up for a profitable future. Mat and the team at Blake Morgan have been our trusted advisers since RAD’s inception, providing first class legal and strategic advice."
One Planet Capital, The FSE Group, High Growth Robotics and Ocean Infinity led the funding round alongside a number of other institutional and sophisticated EIS investors with Blake Morgan’s Corporate team advising RAD throughout. The leading law firm has acted for RAD since its formation; Corporate Partner Mat Wilson, who led the equity raise supported by solicitor Jodie Grove, commented:
“We are delighted to be supporting RAD on its exciting journey. Working with Rich and Dan is an absolute pleasure and it is testament to them as founders, engineers and business leaders as well as the RAD technology and vision that they have been able to raise significantly more than their initial target amount. The ongoing support from the shareholders will allow the team to grow as well as further develop its product range and look to capitalise on the growing global maritime market.
“As a firm, we pride ourselves on building long-standing relationships with successful owner managers and their excellent quality businesses to help them on their journey to achieve their personal and professional goals. We look forward to continuing to work with Dan, Rich and the RAD team and we wish them every success.”
Blake Morgan has expertise in venture and growth capital. Discover more about how the Corporate team can assist businesses looking to grow here.
About RAD Propulsion
RAD Propulsion is an innovative and sustainable marine technology company. It was established by a team of UK engineers and tech entrepreneurs, aiming to cut carbon emissions in the maritime industry by making top quality products that are quieter, smarter, easy to use and people are proud to own. Its first product to market is the RAD 40 electric drive – lightweight with intuitive operating features, it provides a clean, safe and reliable propulsion system option for boat builders and owners.
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