(Yicai Global) Dec. 1 -- Chinese electric outboard motors startup ePropulsion has secured tens of millions of US dollars in its latest financing round, led by Lightspeed China Partners.

The proceeds of the Series B+ fundraiser will be used to boost ePropulsion's investment in developing key technologies, improve and upgrade its production line, and raise spending on marketing and hiring, the Dongguan-based company said today.

EPropulsion was founded in 2012 by Danny Tao and other students at the Hong Kong University of Science and Technology. The firm has sold more than 12,000 motors so far this year, up 150 percent from a year earlier, and it expects to double sales again next year.

“Driven by the increasing global environmental protection and global carbon-neutral demand, the electric marine market is developing rapidly and is the future trend,” said Tao, who is also ePropulsion’s chief executive officer.

“We want to be at the very forefront of the industry and through continuous innovation, research and development, and market expansion, we hope to apply environmentally-friendly, efficient, and intelligent ePropulsion products to more waters,” he said.

Editor: Futura Costaglione