Whangārei company gets $1.5m to develop electric boat engines

One of the sleek electric boats built by Whangārei company Naut, which has just secured $1.5m in venture capital to expand the business. Photo / Eve Verberne

A Whangārei company that wanted to find a better way to do boating has got $1.5 million in funding to further expand its burgeoning electric boat business.

Naut - a company associated with Whangārei’s McKay Electrical - has secured a $1.5m investment from Hillfarrance Venture Capital, a New Zealand investment firm specialising in innovative and disruptive start-ups.

The money will let Naut accelerate growth plans and further develop its electric propulsion products for the marine industry.

Founded in Northland, the Naut team dreamed of a better way to do boating and the result is an electric propulsion system that is built to suit the boatie’s needs, Naut’s chief executive Fiona Bycroft said.

“We are excited to have the support of Hillfarrance Venture Capital as we continue to grow and expand our electric propulsion solutions to the boating world, all while creating a net positive experience for both the people and the planet,” Bycroft said.

“This investment is a testament to the potential of our solutions and the belief that Hillfarrance Venture Capital has in our mission.’’

She said Hillfarrance was a purpose-driven investment firm with a proven track record of supporting entrepreneurs who are change-makers and future creators in the media, artificial intelligence, and climate change sectors.

“Naut has already secured several partnerships, including the well-known NZ marine tourism attraction Shotover Jet, and has a strong pipeline of potential customers to provide initial testing, design, and prototypes out to the market. Not only does this prove the early traction and potential for their product, but validates the need for such a system in the boating industry,” founder and managing partner of Hillfarrance Venture Capital Rob Vickery said.

Naut is an electric propulsion technology company that designs and manufactures electric propulsion systems for the marine industry, focusing on products for six- to 12-metre trailers or marina boats.

Bycroft said Naut aimed to bring the pure joy of electric propulsion to the boating world creating a net positive experience for both people and the planet; whether this is through Naut’s electric propulsion products or working with partners to deliver bespoke electric boat design and build packages.

Hillfarrance is a $36m New Zealand-based early-stage venture fund investing in ‘’audacious Kiwi founders developing innovations at the cutting edge of media, artificial intelligence and climate change’'. It’s a purpose-driven fund and focuses on entrepreneurs whose ingenuity will leave the planet in a better state for the next generation, the company says.

Naut has also signed a contract with Ngāi Tahu Tourism for the company to undertake a feasibility study to build a new fleet of electric jet boats. The initial scope of work will be for Shotover Jet’s fleet, but Ngāi Tahu is also looking to convert all its jet boat fleet to electric, including Hukafalls Jet Taupō and Dart River Adventures.

Naut said its electric propulsion will give the ultimate boating experience, featuring zero noise, zero fumes, zero emissions and being capable of 28 knots, three to four hours running time and 150 horsepower.

The team has developed an electric propulsion system that can be sized to meet individual needs and works with any driveline: stern drive, shaft, jet or the Naut Electric Outboard, which is being developed now.

The company’s directors are Bycroft, McKay’s managing director Lindsay Faithfull, and Vickery.

For more information about Naut and its electric propulsion systems, visit www.naut.co.nz.

Naut electric engine in numbers:

0 - emissions

3 to 4 - running hours

28 - knots top speed

150 - horsepower

$1.5m - venture capital funding to expand