Flux Marine Adds Strategy Exec to Board
Electric outboard motor company Flux Marine has appointed seasoned strategy executive Gary Lancina to its advisory board. The move indicates the company is gearing up to scale its operations and expand its global market presence. Flux Marine is a key player in the electrification of marine technology.
New board member Gary Lancina is known for his aggressive growth strategies, having been instrumental in a $1 billion revenue increase at Mercury Marine and scaling Redbox by $650 million in just three years. His appointment signals a shift for Flux Marine from a primary focus on engineering to a more aggressive phase of commercial expansion and brand scaling on a global stage. Based in Bristol, Rhode Island, Flux Marine was founded in 2018 by CEO Ben Sorkin and co-founders Daylin Frantin and Jonathan Lord. The company has secured over $30 million in funding since 2020, with a recent $15 million injection to scale up production of its electric outboard motors and powertrain technology. Flux Marine's business model focuses on partnering with established boat manufacturers rather than producing its own complete vessels. This strategy has led to collaborations with well-known brands such as Scout Boats, Highfield, Flagship Pontoons, and Zodiac, integrating Flux Marine's electric propulsion systems into their boat hulls. The company's flagship 100-115HP electric outboard delivers performance comparable to a 150-horsepower gasoline engine in terms of acceleration, with instant torque that allows a boat to get on plane in 3-4 seconds. While top speed may be 10-20 mph less than a comparable gas engine, the electric motor's efficiency is rated up to 95%, compared to 25-30% for traditional outboards. The electric outboard motor market is experiencing significant growth, with projections showing an increase from $1.1 billion in 2022 to $3.5 billion by 2030. Key competitors for Flux Marine in this expanding market include Torqeedo, Pure Watercraft, and ePropulsion. Flux Marine's systems are designed entirely in-house and feature a proprietary Fleet Telematics Platform. This platform provides cellular connectivity for real-time system health monitoring, remote diagnostics, and over-the-air software updates, with plans for future AI-powered predictive maintenance.
