DETROIT--(BUSINESS WIRE)--Please replace the release dated June 20, 2023 with the following corrected version due to multiple revisions.
The updated release reads:
Sharrow Marine Announces Successful Completion of $30+ Million in a Series of Financings
Sharrow Marine, a subsidiary of Sharrow Engineering LLC, a leading manufacturer of revolutionary propellers for boats and ships, announced today the successful completion of a $30+ million series of debt and equity financings (including equipment financings) to Sharrow Marine and its manufacturing partner. This milestone was led by the family offices of John H. McFadden, Esq. and David Dolby, director of Dolby Laboratories and CEO of Dolby Family Ventures. The company utilized the funds to acquire equipment, accelerate its growth plans and to continue developing innovative propeller technology for the marine and aeronautical industries.
"We are thrilled to have secured financing from McFadden and Dolby, distinguished investors with a remarkable track record of supporting innovative companies and technologies," said Greg Sharrow, CEO of Sharrow Engineering. "This funding empowered Sharrow to further invest in our technology, manufacturing capacity, expand our sales and marketing efforts, and ultimately, deliver unparalleled propeller solutions to our valued customers. With this support, we’re positioned to complete significant licensing arrangements to further penetrate new and existing markets."
The Sharrow Propeller™, a revolutionary patented technology, has garnered widespread attention for its innovative design, offering some of the most significant fuel efficiency and performance improvements the boating industry has ever seen. Sharrow Marine’s achievements were recognized at the 2020 Miami International Boat Show, where the company’s flagship product, the Sharrow MX™ Propeller, won the coveted NMMA® Innovation Awards. The Sharrow Propeller™ is currently available for all major outboard manufacturers: Yamaha, Mercury, Honda, Evinrude, Suzuki, Johnson, Nissan, OXE, and COX.
"We are excited to partner with Sharrow Marine and support their mission of creating more sustainable and efficient propulsion systems for boats and ships," said John McFadden. "We believe in the team's vision and are confident in their ability to drive innovation in the marine industry."
“Sharrow Marine has already made significant strides in the market, having secured partnerships with leading marine manufacturers and operators, “ said David Dolby. “The funding enabled the company to expand its manufacturing capacity and accelerate its growth trajectory.”
About Sharrow Engineering
Sharrow Engineering, LLC, is a nautical and aeronautical engineering company dedicated to the research and development of revolutionary high-performance propulsion technologies for the maritime and aeronautical industries. Sharrow Engineering is the parent company for Sharrow Marine, LLC, and Sharrow Commercial Marine, LLC. Company offices are headquartered in Detroit, MI. Sharrow Engineering, LLC, has assembled a team of the world’s top aeronautical, nautical, aerospace, and mechanical engineers to assist with the company’s core mission to reinvent the methodologies and technologies used for propulsion in the 21st century.
To learn more about Sharrow Engineering and its innovative products, go to www.sharrowmarine.com
