Vancouver’s ACEL Power has closed on an oversubscribed Series A round of funding, the marine electric innovation company announced this month.
The B.C.-born cleantech said that Tau Capital, an Abu Dhabi-based private venture capital firm, led the USD $10 million round.
ACEL currently produces the high-powered Intelligent Electric Series, including a 75HP electric outboard, with plans to bring motors up to 250HP to market by the end of the year. The motors are powered by state-of-the-art Silicon Carbide semiconductor technology.
The influx of capital will be used to accelerate growth for the company, according to cofounder Anthony Liu, who serves his startup as CEO.
“The closure of this funding round enables ACEL to accelerate its growth strategy to meet the growing market demand for marine electric solutions,” Liu stated.
Moving forward, ACEL intends to focus on increasing mass production capacity, including launching higher horsepower solutions, enhance research and development efforts, and place a greater emphasis on scaling operations and sales.
“At ACEL, we are not just electrifying the marine landscape, we are digitalizing it, reimagining boating experiences with cutting-edge digital capabilities,” Liu said.
Brad Allen, managing director at Tau Capital, will join ACEL as a board director following his firm’s investment into the Canadian company.
“With the shift in environmental regulations and growing demand for sustainable solutions, ACEL is exceptionally positioned to meet the market needs,” the venture capitalist believes.
Allen—himself a former entrepreneur with exits—says ACEL possesses a solid combination of “patented technology, manufacturing capability, hardware-software integration, and experienced leadership.”
“We are excited to partner with ACEL in delivering the future of marine mobility providing a cleaner solution to both recreational and commercial boating,” he stated.
ACEL Power was founded in 2021 and was a NVBC Competition finalist in 2022.