Boating is going fully electric.
What’s happening:
- Electric boat manufacturing startup Arc has raised a new $70M Series B round
- The round included some of Silicon Valley’s largest investors including a16z, Lowercarbon Capital, Abstract Ventures, Menlo Ventures and more
Why it matters:
- Recreational boats consume fuel and emit carbon so they represent a big opportunity for electrification
- The massive adoption of electric vehicles has led many startups to begin pursuing electrifying other popular areas of transportation that are powered by gas
By the numbers:
- Arc is building a 150,000 square foot manufacturing facility to produce the next iteration of their electric boats
- Over $100M in venture funding has gone into Arc so far since inception
Going deeper:
- Arc designs and manufactures everything in their boats including their own battery packs, software and cooling systems
The fine print:
- Currently you can not purchase an Arc boat as their initial production run of their flagship boat known as Arc One sold out
- Arc boat’s can currently only be operated in freshwater
