Maritime innovator ZeroJet has raised a Series A round that will allow the creators of the world’s first turnkey electric jet propulsion system for boats to capitalise on the fast growing electric outboard motor market globally
With orders from the world’s most respected boat builders, its engineering team is set to rewrite what’s possible with high performance electric motors.
Led by Movac, the oversubscribed round also garnered support from Australia’s Investible Climate Tech Fund, the NZX listed Booster Innovation Fund as well as family offices, high net worth individuals and repeat investment from Impact Enterprise Fund and K1W1.
ZeroJet CEO & Co-Founder Bex Rempel comments: “Within the nascent marine electrification niche, the time is right for disruption and ZeroJet has a significant opportunity to capture value on both the strength of our product; and a proven go-to-market strategy.”
The company’s initial application of its jet propulsion system to tenders delivers material improvements to boating safety (no propellers), usability (fully enclosed and silent system) and performance (up to 50% better than an equivalent rated outboard) while simultaneously ensuring time spent on the water is cleaner and better for the environment. No fossil fuels and the low profile jet system means the tender is safe for shallow reef ecosystems as well.
Its sold-out pilot production run has helped prove its speed-to-market as well as supply chain reliability, with propulsion units and tenders delivered multi-country and as far afield as the Bahamas, Finland, Singapore and Fiji. In addition, it plans to announce significant partnerships with three internationally renowned boat builders, one of which is amongst the world’s largest. These multi-year contracted minimum orders will drive repeatable sales and an accelerated path to scale, in addition to developing the product for larger boats.
“ZeroJet’s technology is an innovative answer to a global trend toward electrification. They’re at the cutting edge of marine electrification with significant hardware IP and well-positioned to take a global leadership position, particularly given New Zealand’s strong history of innovation in the marine industry,” said Mark Stuart, Partner at Movac.
The funding will be used to productionise ZeroJet’s 20HP system, ramp up sales and marketing internationally and expand the team to support R&D and global sales growth.
“We’re excited to be on this journey and to reach our ultimate audacious goal of eliminating the need for combustion engines. There really is a far better way to power boats – and ZeroJet is pioneering that future,” concludes Bex.
ZeroJet is available in conjunction with Offshore Cruising Tender models; or as a turnkey solution for rigid inflatable boat (RIB) and tender manufacturers.
