Cox Powertrain receives £12 million to ramp up production of CXO300 outboard engine to meet demand
by Cox Powertrain 27 Feb 2021 03:16 AEDT
Cox Powertrain has announced an additional £12m to ramp up production of the CXO300 diesel outboard © Cox Powertrain
Cox Powertrain, a leading British manufacturer of high-powered diesel outboard engines for the global marine industry, is pleased to announce it has successfully raised £9 million from existing shareholders and a further £3 million loan from HSBC UK Equipment Finance to allow the company to expand and ramp up production of the market-revolutionising CXO300 outboard engine.
Since 2007, Cox Powertrain has been continuously backed by private investors who share the determination and passion for Cox's success. Production of the CXO300 successfully began in May 2020 and since then, the CXO300 has been shipped to over 16 territories across the globe.
The CXO300 is built at Cox Powertrain's HQ in Shoreham, UK, where £6.7 million from preceding investment was used to finance a highly advanced and state-of-the-art production facility. This facility was carefully planned and was built with flexibility and scalability in mind to ensure it could be adapted to keep up with demand.
When the CXO300 was launched, orders were already on the books and since production began in May 2020, there has been a significant increase in demand, with Cox having a strong order book to reflect this. 2021 is set to be a strong year for Cox and this huge investment of £12 million is a testament to the market's confidence in the product.
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 fulfill 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."
Cox Powertrain has already begun to put plans in place to acquire more parts to ensure a successful transition into ramp-up and they are eager to begin.
To find out more about the CXO300, visit www.coxmarine.com/the-engine