ePropulsion UK acquired by parent company, takes on new role
ePropulsion has announced that it has acquired shares in ePropulsion UK, to become the majority shareholder of the distributor. Steve Bruce, Managing Director of ePropulsion UK since 2016, will take on the role as Global OEM Sales Director for ePropulsion and report directly to founder and CEO Danny Tao.
ePropulsion UK a driving force in expansion
Tao says “ePropulsion UK has been a driving force in our expansion and robust offering in the United Kingdom. We’ve worked closely with Steve and his team for a number of years and are extremely pleased to continue the relationship and collaborate on a closer level as we continue to strengthen our distribution across key markets.”
ePropulsion has been on a roll for the past couple of years, riding the growing worldwide interest in electric boats and motors. Their sales in 2020 were up 60% over the previous year, and in 2021 they doubled those sales.
Speaking about the UK in May of 2021, Steve Bruce said “We have already exceeded what we did in the whole of last year in the first few months, and 2020 was our best year ever.”
ePropulsion has smartly capitalized on this demand from consumers and the boating industry by optimizing their sales and distribution network in key markets. In Asia they appointed two new distributors: South Korean company Badaro Yacht, and Motorium, based on the island of Phuket in Thailand. Last May they expanded their relationship with long time partner Mack Boring of New Jersey, who now represent the company throughout all of North and Central America.
They have also been active on the new investment front, announcing in November 2021 that the company had secured hundreds of millions of RMB in B+ series funding, equating to ‘tens of millions of US dollars’.
“Very excited about the merger and our new role”
As OEM Global Sales Director, Steve Bruce brings a wealth of experience and knowledge to the position. A sailor since childhood, he starting racing yachts as a junior and has thousands of miles of yacht racing and cruising under his belt.
He started his professional career in 1989 as a meteorologist in the British Army and went on to serve as an Arctic Warfare Specialist. After leaving the force he returned to his passion – boating – and worked with Seaquest Yachts to develop global sales of their range of cruiser/racer yachts.
In 2009 Steve founded his own yacht service firm and started manufacturing the Foldable RIB (FRIB), a folding Rigid Inflatable Boat that goes from the back of your car to on the water in five minutes. The ePropulsion line provided the perfect electric motors for the boats, Steve and his team became exclusive distributors for UK and Ireland, and are now ready to tackle the world.
“The team here at ePropulsion UK are very excited about the merger and our new role as Group OEM Division.” says Steve. “ePropulsion UK is ideally located on the River Hamble in Hampshire with showroom and workshop facilities in what is fast becoming the UK epicentre of electric boating. Following on from the rapid growth we have experienced here in recent years, we look forward to developing the ePropulsion offering for boatbuilders around the world.”
One of the exciting new products in the ePropulsion lineup is the H-100, the company’s first inboard motor. The 100kW system is engineered for larger sailing boats, small passenger ferries and commercial workboats and makes its debut at the Electric & Hybrid Marine Expo in Amsterdam June 21 -23. We’ll keep you informed.
