ZeroJet, the creator of the world’s first turnkey electric jet propulsion system for boats, has raised funding that will allow the company to capitalise on its early-to-market advantage in the fast-growing electric outboard motor market globally.
With orders from the world’s most respected boat builders, ZeroJet’s engineering team is set to rewrite what’s possible with high performance electric motors.
The funding 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’s initial application of its jet propulsion system to tenders delivers 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.
The pilot production run of ZeroJet tenders has sold out with tenders delivered as far afield as the Bahamas, Finland, Singapore and Fiji. In addition, ZeroJet will be announcing partnerships with three internationally renowned boat builders which have contracted minimum orders over multiple years. These will drive sales and accelerate the company on a path to scale, in addition to boosting product development for larger boats.
In less than 10 years, it’s possible all new boats with engines below 40hp will be electric. ZeroJet’s goal is to provide boat builders with a high-performance, turnkey electric jet propulsion system they can install in less than two hours.
ZeroJet’s engineering cohort comprises talent from Apple, Rocket Lab and Buckley Systems, as well as the University of Auckland’s Formula SAE Team.
The funding will be used to improve production of ZeroJet’s 20hp system, ramp up sales and marketing internationally, and expand the team to support R&D and global sales growth.
