Volvo delivered an hybrid vessel to explore Svalbard archipelagoNorth of mainland Europe, it is about midway between the northern coast of Norway and the North Pole (Wikipedia). Volvo Penta is running a pilot project with Svalbard’s oldest tourist operator, Hurtigruten Svalbard, to test a state-of-the-art hybrid Marell M15 vessel called Kvitbjørn (’Polar Bear’ in English) that will change how tourists experience this natural wonder, delivering near-silent operation and creating a more enjoyable experience for tourists and wildlife alike.
The repurchase program will be funded using the company’s working capital. The Board of Directors of Vision Marine Technologies, maker of the E-Motion electric outboard powertrain, has authorised a stock buyback of up to 10% of the company’s common shares via privately negotiated transactions and open market purchases.
Asian electric outboard manufacturer receives tens of millions of US dollars’ worth of B+ Series funding. ePropulsion, the Asian marine electric propulsion company, has secured hundreds of millions of RMB in B+ Series funding, equating to tens of millions of US dollars. The funding was acquired from investors including Lightspeed China Partners and other existing shareholders. ePropulsion has now sold over 12,000 units and achieved an annual sales growth of 150% this year, which is still growing at a pace with sales expected to double again in 2022.
General MotorsThe two companies told CNBC this year that they have acquired a 25% stake in Pure Watercraft, a Seattle startup that manufactures electric outboard motors for boats, claiming to be “focusing on electrification.” ..Pure Watercraft motors use lithium-ion batteries and replace 40-50 horsepower outboard motors that burn gas or diesel. Traditional fuel-powered boats are a source of environmental problems such as noise pollution, smog and water pollution. It is clear that these problems are floating in the wake water. Pure’s system is much quieter and cleaner. PureWatercraft CEO Andy Rebele, a lifelong fishing and boat enthusiast and former boat coach, was lined with huge market opportunities for personal motivation to solve these problems. ..