ePropulsion smashes 2021 growth target in just eight months

Danny Tao, Co-founder and CEO of ePropulsion © ePropulsion

ePropulsion, a global leader and market challenger in marine electric propulsion systems and services, is thrilled to reveal that it has reached 100% growth in sales revenue in 2021, achieving its growth forecast in a remarkable eight months.

The results have been driven by an increased take up of electric propulsion in Europe and North America, which are the company's two largest growing markets, with the majority of sales coming from the leisure marine industry. Over 10,000 units have already been sold across the globe in 2021, including Europe, with the largest markets being the UK, US and Germany. ePropulsion is delighted at this achievement in such a short space of time.

This is testament to the hard work of the team and comes just eight months after launching an entirely new product line, another contribution to the boost in sales. The latest range includes the Spirit 1.0 Evo, Navy 3.0 Evo and Navy 6.0 Evo models; an evolution of its established Spirit and Navy product lines, with hydrogeneration capabilities. Offering new features across the brand, ePropulsion also created a brand-new 9.9HP Pod Drive model to cement its array of innovative new products brought to market in 2021.

Founded and incubated at the Hong Kong University of Science and Technology in 2012, ePropulsion has grown rapidly from when it launched its first product at METSTRADE in 2013, to establishing its Songshan Lake headquarters in 2015 and developing distribution channels throughout Europe before starting production just six years ago. ePropulsion also recently announced that it is opening an office in Hong Kong to strengthen its research and development (R&D) capabilities. The new facility will support ePropulsion's growth as an elite innovator that is introducing a smarter boating experience to the world.

Having a distribution network across just three countries in 2015, to over 60 countries and areas to date, and a workforce growth from four to over 200, the industry demand for its products is set to propel even further.

ePropulsion's continued success is paving the way for more sustainable boating and a growing number of conscientious boat owners converting from petrol to electric propulsion outboards. Its products are renowned for being high quality, quiet, eco-friendly and low maintenance. Electric propulsion outboards are not only better for the environment, but they are also easier to use, with no starter cord, fuel tap or choke. Furthermore, the products benefit from the full power running time of a 3HP electric outboard being generally the same as, or longer than, a petrol outboard.

ePropulsion was also the first company to introduce brushless direct drive technology and FOC (field-oriented control) into the electric outboard market. The direct drive structure further reduces the number of internal moving parts and eliminates the gearbox, resulting in less mechanical friction and much higher and better reliability.

Danny Tao, Co-founder and CEO of ePropulsion, said: "I am really excited and proud of the success ePropulsion has seen since it was founded just nine years ago. The results speak for themselves, and we are absolutely delighted to have seen the predicted growth in sales come to fruition quicker than expected. We strive to innovate and build a sustainable boating experience for our customers, and we continue to see a positive conversion rate of 20%, from different boat owners transferring to electric propulsion. This trend is set to continue, and we expect to see more and more boat owners converting to electric outboards. Customers are often surprised at how efficient, simple and clean electric outboard motors are, compared to petrol, whilst still achieving the same results in terms of performance.

"We have worked really hard to build our team internally and to develop a strong distribution and dealer network across our core markets in Europe and North America. We are so grateful for the continued support of our distributors and customers and look forward to continuing to grow our network and for the developments 2022 promises to bring."