TEMO raises €6 million to develop its range of electric propulsion solutions
by Temo 18 Jan 23:09 PST
TEMO raises €6 million to develop its range of electric propulsion solutions © TEMO France
TEMO, the French specialist in electric motors for boats, has completed a €6 million Series A financing round with the US impact fund At One Ventures, the Ecotechnologies 2 fund, managed on behalf of the French government by Bpifrance as part of the France 2030 programme, and business angels.
Acting on the change of scale
TEMO, based in Vannes, in Brittany, France, and founded in 2018 by Alexandre Seux and Justine Perussel designs and markets electric motors for inboard and outboard boats.
In 2020, the company launched its first patented product onto the market, the TEMO 450, achieving sales of over 5,000 units across 15 countries. Renowned for its light weight and innovative ergonomic design, the TEMO 450 has won numerous awards and accolades from the marine industry. Building on this success, TEMO launched its second product in 2023, the TEMO 1000, which has generated impressive pre-sales orders.
Thanks to this first round of Series A funding, the company will be able to accelerate the development of its range. The company's ambition is to add three new power units to its catalogue by 2027, so that the entire fleet of small sailing yachts and recreational craft can be powered electrically. TEMO's cutting-edge technology enables boaters to enjoy clean, quiet, smooth sailing, while complying with current and future regulations.
Looking ahead internationally
The funds raised will also enable the motor manufacturer to step up its international presence, particularly in the United States. The arrival of the American company At One bears witness to a strong desire for TEMO to establish itself on the other side of the Atlantic.
Alexandre SEUX, CEO of TEMO, is delighted to join forces with investors with a global impact to begin this new The combination of At One Ventures and Bpifrance makes an excellent investment team for TEMO. They will help us grow our business internationally and continue to our vision for a carbon-free recreational boating sector. With the Series A funds, we will accelerate our product roadmap and distribution, including in North America."
TEMO motors continue to be manufactured very locally in France's Pays de la Loire region, and almost 70% of the components used in the motors come from national suppliers.
To support its growth, TEMO plans to recruit 100 employees over the coming five years.
Making a positive impact on tomorrow's boating
TEMO, At One and Bpifrance share a strong CSR policy in which decarbonisation and the reduction of harm to the marine environment are key priorities.
Laurie MENOUD, co-founder of leading investor At One Ventures, is convinced that TEMO's electric motors will have a significant positive impact on the boating industry and that they will drive a global At One is convinced of the benefits of electric power for boating and we are delighted to support TEMO in accelerating this transition and helping to protect the oceans. We were very impressed by TEMO's innovations and the dynamism of its team."
Alexandre WAGNER, Investment Director of the Ecotechnologies 2 fund managed on behalf of the French government as part of France 2030 initiatives is delighted to support a solution to enable carbon-free TEMO motors seemed to us to be a highly appropriate solution for meeting the growing challenge of zero direct emissions in the boating sector. The company's products stand out from the competition thanks to their low weight, ergonomic design and innovative use."
Blueprint Partners, a firm specialising in fundraising, and law firms Goodwin Procter, Chammas & Marcheteau, and Oratio avocats supported TEMO in this round of financing.