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Cox Powertrain to increase production with £12m investment
Cox Powertrain, a Shoreham-based manufacturer of high-powered diesel outboard engines for the global marine industry, has successfully raised £9m from existing shareholders, together with a further £3m loan from HSBC UK Equipment Finance, to allow the company to increase production of its market-revolutionising CXO300 outboard engine and fulfil growing order books.
Since 2007, Cox Powertrain has been backed by private investors. Production of the CXO300 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 headquarters in Shoreham, West Sussex, where £6.7m from preceding investment was used to finance a highly advanced and state-of-the-art production facility. The facility was planned and 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 for 2021.
Tim Routsis, chief executive officer 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 fulfil 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 smooth transition into production ramp-up.
The CXO300 diesel outboard engine – built specifically for marine use – is a lightweight and robust marine propulsion option that requires 25% less fuel but offers a 480 torque, and is designed to last three times longer than an average petrol equivalent.