£12m investment to ramp up production
Cox Powertrain has successfully received £9 million from existing private investors and secured a further £3million loan from HSBC UK Equipment Finance to meet increasing demand for the 300hp diesel outboard following its launch last year. Production of the CXO300 began in May 2020 and has since shipped to more than 16 territories around the globe.
Tim Routsis, CEO 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 fulfill 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.”
The CXO300 is built at Cox Powertrain’s HQ in Shoreham, UK, where £6.7 million from preceding investment was used to finance a state-of-the-art production facility, built with flexibility and scalability in mind.
Exhibitor: Cox Powertrain