Global Technology Leader Positec Group Secures $250 Million in Equity Financing

International leader in battery, power tool and robotics technology will leverage funding for continued innovation and global expansion

CHARLOTTE, N.C., Jan. 14, 2025 /PRNewswire/ -- Positec Group Ltd., a global leader in manufacturing and innovation, today announced that it has secured commitments for its first round of equity financing, a $250 million investment that will be leveraged for R&D and product development as Positec continues the global expansion of its consumer facing brands. The financing was led by Frontier Investment, joined by other well-known investment institutions including Rockets Capital, CLSA Capital Partners, and NRL Capital, etc. Founded in 1994, Positec Group is known throughout the world for its robotic lawn mowers and battery-powered outdoor equipment – for both consumer and commercial use.

"Securing our first round of equity financing is a significant milestone for our organization," stated Don Gao, founder and CEO of Positec Group. "This investment recognizes three decades of technological innovation, operational excellence and commitment to sustainable development. This funding will further the ongoing research and development of green energy technology and intelligent products, fueling Positec's market expansion, while we seek to accelerate the electrification and transformation of the global tool market. Importantly, Positec is looking forward to bringing high growth and long-term value returns to investors and partners and making positive contributions to our industry. Personally, I'm tremendously proud and grateful to our global team for their hard work and dedication that made this moment a reality."

As the global leader in autonomous robotic mowers, Positec group has sold more than one million units of its leading robotic lawn mower under its consumer brand Worx. According to reports released by GfK in recent years, Worx robotic mowers continue to rank first in omni-channel market share*. As the robotic mower category transitions from boundary wire to wire-free technology, Positec has established itself as the leader in both legacy and new technology. Within its consumer division, the company released the world's first borderless robotic mower robot that leverages visual technology and neural network algorithms, which solves the problem of cumbersome installation and allows the product to be used immediately out of the box. In 2024, the Worx Landroid Vision was the best-selling robotic lawn mower in Europe*.

Through its commercial brand, Kress, Positec Group introduced RTKⁿ technology, which has redefined wireless technology for robotic mowers in both residential and commercial use through precise location data. Rather than requiring multiple on-site antennas like other RTK mowers, Positec's technology leverages a global network of base station antennas, allowing any mower within the network's coverage area to operate seamlessly without a local antenna. Positec's breakthroughs in technology and products have made it possible for robotic mowers to replace traditional push lawn mowers on a large scale.

"This investment is tremendously exciting for the ongoing global initiatives of Positec Group," said Michael Jones, president and CEO of Positec Americas. "While honoring Don Gao's lifetime commitment to revolutionizing the industry, these funds also position the organization for continued double-digit growth in the US retail market, and further strengthen our resources for penetration in the commercial space under the Kress brand. I look forward to working with the global leadership team in the deployment of this capital against strategic priorities as we continue to innovate and deliver best-in-class products to consumers and professionals alike."

As Positec Group amplifies its focus on the commercial garden market, Kress has introduced a new, proprietary battery technology that offers the only viable choice for commercial landscapers to replace gas. The battery affords up to 8-minute mobile charging, more than 3,000 cycles (10x the industry norm) and high-power discharge performance to match the power of gas tools, thus eliminating the former pain points associated with battery tools in the commercial space. This allows the commercial industry, which has long sought a viable alternative to its legacy of noisy, smelly and harmful two-stroke engine equipment, to successfully transition to technology that is better for the end-user, commercial customers and the environment, all without compromising power, runtime or cost.

To learn more about Positec Group and its family of consumer and commercial brands, visit http://www.positecgroup.com/.

About Positec Group:

Positec Group Ltd., based in Suzhou, China, with North American headquarters in Charlotte, NC, has always adhered to the mission of "committed to continuous innovation, leading the tool revolution, and improving people's lives" and the brand concept of "Our mission, zero emission." Positec Group manufactures lawn, garden and power tools under the WORX^®, Rockwell^®, Kress® and Cat^® brand names. Since its founding in 1994, Positec has achieved industry-leading growth and penetrated the global market, with sales in nearly 70 countries and regions around the world. Positec has 15 overseas marketing subsidiaries, 4 R&D centers and 4 manufacturing bases worldwide. The company has applied for more than 8,000 patents worldwide and participated in the formulation of many international and domestic industry standards. For more information, visit http://www.positecgroup.com/.

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SOURCE Positec Group Ltd.