The Munich-based startup Volabo has successfully completed a seven-figure Series A financing round. The investor is the family-owned company Hechinger.
The Startup founded in 2016 had previously developed a 48-volt high-performance drive, financed by itself. Now it has found a strategic investor in the Hechinger Group. The medium-sized investor is a manufacturer of magnetic systems, among other things. For Volabo, the collaboration will create synergies in development, industrialization, and production.
Market entry in the boat sector
With this financial injection, the startup plans to further develop its electric drive specifically for market entry in the boating sector. The Munich-based company is developing the first electric drive capable of delivering high power (up to 300 kW) at a safe voltage of 48 volts. The safety provided by the extra-low voltage represents a significant competitive advantage over established providers. Currently, there are no high-performance alternatives to low-voltage electric drives. Volabo can fill this gap in the market.
“The electric drive can now be developed project-independently and purposefully into a market-ready product that will revolutionize electromobility,”
commented Managing Director Adrian PatzakHe continues:
“The new funds will be used largely for product development as well as the qualification and certification of the drives.”
Volabo financing: strategic investment in electromobility
For Markus Duffner, Managing Director of the Hechinger Group, it is a strategic investment:
“With the investment in Volabo GmbH, the Hechinger Group is optimally positioned for the promising field of electromobility.”
Volabo is about to launch its new propulsion system, which is currently undergoing test track testing. In March 2020, the world's first high-performance boat with the Volabo propulsion system will be exhibited at the Austrian Boat Show, a boating and water sports trade fair.
