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Flux Marine is raising a $50 million Series B as it ramps up production of electric outboard motors. 

Why it matters: The industry is courting cash from investors who see growth in powering boats with electricity instead of gas or diesel.

How it works: Flux Marine sells 22-foot boats from manufacturers Scout and Highfield.

At an assembly shop in Bristol, Rhode Island, workers install batteries in the boats' hulls and attach 100 horsepower Flux Marine outboard motors to the back.

The company then sells the boats to customers at a starting price of $105,000 or $125,000, depending on the model, roughly a 20% premium over conventional versions.

Electric outboards are quieter than conventional models that run on gas or diesel, and they tend to require less maintenance.

By the numbers: The systems deliver cruising speeds of 22 mph and top speeds of 30 mph, with a range of about 30 miles.

They're compatible with DC fast chargers and conventional level 2 chargers — meaning they can charge not only via a marina's typical dockside port but any roadside charger while being towed to the water.

The latest: Flux Marine made its first deliveries last year, and it expects to begin shipping production models this month to customers.

 It aims to deliver 20 models this summer, or roughly two per week.

The startup aims to close the funding round by year-end. 

"This is the critical mass funding that would allow us to reach profitability, be cash-flow positive, on the existing product lines," CFO Daylin Frantin says.

Flashback: The round adds to the $15.5 million Series A that Flux Marine raised in 2022, led by Ocean Zero. 

What's next: Flux Marine is considering supplying motors to boat manufacturers, which would bring a higher volume of orders than its current approach of completing retrofits in-house. 

"We know that that's the path to market," Frantin says.

Exclusive: Flux Marine raising $50M for electric outboard motors

The startup is delivering production models this month.

A white, 22-foot boat outfitted with a gray-and-black, electric outboard motor from Flux Marine, motors across smooth waters beneath sunny blue skies in Bristol Bay, Rhode Island.

A boat outfitted with a Flux Marine electric outboard motor pilots through Bristol Harbor in Rhode Island. Photo: Courtesy of Flux Marine

Boat industry

Flux Marine is raising a $50 million Series B as it ramps up production of electric outboard motors. Why it matters: <a class="gtmContentClick" data-vars-link-text="The industry" data-vars-click-url="https://www.axios.com/pro/climate-deals/2024/07/01/arc-sport-electric-wake-boat" data-vars-content-id="938d4c39-dabb-4775-b6e1-ec90216720e5" data-vars-headline="Exclusive: Flux Marine raising $50M for electric outboard motors" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/climate-deals/2024/07/01/arc-sport-electric-wake-boat" target="_self">The industry</a> is courting cash from investors who see growth in powering boats with electricity instead of gas or diesel.

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Exclusive: Flux Marine raising $50M for electric outboard motors

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