SHOREHAM-BY-SEA, England, May 26, 2020 /PRNewswire/ -- Cox Powertrain, a leading British developer of high-powered diesel outboard engines for the global marine industry is pleased to announce that production of the CXO300, its purpose-designed 300hp diesel outboard engine, has commenced. After several years of intensive development and testing, this represents a major milestone for Cox as well as a defining moment for the marine industry. This UK-designed and manufactured high-technology product will be sold to the global market, supporting UK exports. The Company will manufacture just under 1,000 outboards in 2020 with volumes expected to more than double the following year.
Throughout its development, COX's high-powered diesel outboard engine generated substantial interest across all applications of the marine industry, a contributing factor for the Company when raising the £92m (US$115m) of private investment to date required to reach this point. This is a powerful testament to the credibility of the engine concept and the high level of expertise behind its development.
Tim Routsis, Chief Executive of Cox said:
"This is a milestone we have been working towards for several years with a relentless focus on building a no-compromises business. I am enormously proud of the CXO300 and the terrific team who have worked tirelessly to make it a reality. We owe a debt of gratitude to the supply chain who have found ways to keep parts flowing to us despite Covid-19, and also to our global distributors who have remained loyal throughout. I am delighted that we can now manufacture this ground-breaking marine engine in volume and together with the very encouraging feedback and support we've received, I am excited and confident about Cox's future prospects."
Charles Good, Chairman of Cox said:
"This brings to fruition a long-held ambition of mine to create a UK based business to design and manufacture diesel outboard engines to meet a major unfulfilled need in the global marine propulsion market. I am immensely proud of the team in achieving this significant milestone as we launch a truly global British brand underpinned by world-class engineering."
Growing order book underpinned by innovative engineering technology
- Based in Shoreham-by-Sea, Cox has designed the CXO300, a patent-protected 300 horsepower outboard marine propulsion system. Designed from first principles using the best of Formula 1, automotive and marine technology, the CXO300 incorporates modern emission control technologies to ensure the engine can meet all relevant regulatory standards.
- The Company believes the CXO300 is the only diesel outboard engine currently available which offers more than 200 horsepower.
- Just under 1,000 units will be manufactured this year to fulfil global orders and there is a pipeline of further orders. To date 35 distributors around the world have signed up to distribute the CXO300.
- Diesel offers better value and safety compared to gasoline. The advantages of diesel outboard engines over gasoline engines include:
- significant reduction in the total cost of ownership through fuel consumption savings (CXO300 typically uses 25% less fuel than a gasoline outboard engine of equivalent power) and improved engine longevity;
- improved safety through the reduction of the risk of fire;
- greater availability of diesel in marine environments; and
- much improved environmental credentials when compared with existing marine gasoline engines.
- Production takes place at Cox's headquarters and advanced assembly and test facilities in Shoreham, West Sussex UK. The sophisticated assembly plant boasts a turnkey Production System developed by QM Systems Ltd, a leading manufacturer of state-of-the-art manufacturing and test systems across all industries.
- Significant investment has been made to introduce a manufacturing plant capable of producing up to one engine per hour to support expected demand.
- The production line 'no faults forward' design removes the possibility of assembly error, ensuring every outboard meets Cox's requirement for the highest standards of quality. These are verified on a suite of purpose-built test cells which put every engine through its paces before shipping to the customer
- Cox has applied industry best practice at all stages of the design, manufacture and test process to ensure global success of the engine and the brand.
- The Company has an established policy of patent-protecting innovation and expects the IP portfolio to keep growing.
Growing distribution network in a large addressable market
- The market in North America and Europe for 200+ horsepower engines is estimated to be US$1.7bn: volumes have grown at a compound annual growth rate of 17.3% from 2012 to 20171.
- In 2018, retail sales revenue for outboards grew by 19%.
- The Company divides its target market into three distinct groups:
- total cost of ownership users (fishing, aquatic, sports, local government agencies, farming etc);
- governmental and other professional users ( coast guard, super yacht operators, offshore support tenders); and
- lifestyle users (consumers, leisure).
1 ICOMIA 2017 Report (US and Europe)
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About Cox Powertrain
Based on the South Coast of England, Cox Powertrain is a leading British design and engineering innovator of diesel engines developed for marine applications globally.
From the outset Cox Powertrain was backed by its Chairman, Charles Good, to exploit the global market opportunity he had identified through the development of a revolutionary diesel outboard engines.
Cox Powertrain has built up a strong and supportive shareholder base of private and institutional investors. As a result, the Company has been able to implement its long-term development programme of ground-breaking new products.
Led by ex-Cosworth CEO, Tim Routsis, whose background lies in engine development in global automotive, aerospace and marine markets, the Company's mission is to deliver a completely new concept in diesel engines that has the potential to revolutionise the marine market.
With a strong pedigree in Formula 1 racing and premium automotive design, Cox's highly skilled team of engineers has decades of experience in combustion engines and understand the many challenges customers face.
Cox's diesel outboard, the CXO300, is the most powerful lightweight diesel outboard engine ever developed and delivers the performance and packaging of a gasoline outboard with the fuel efficiency and reliability of a diesel inboard.
Cox is supported by a worldwide distributor network made up of 35 distributors covering 100 countries.
For further information, visit www.coxmarine.com
SOURCE Cox Powertrain