After signing a world-class technology partner, Poseidon Marine H2 is launching a capital raise next week, via the online trading platform VCEX. The raise will fund the initial stages of developing a hydrogen-fuelled boat by the third quarter of 2023.
Overall, the company believes they are building a better boat that just happens to be powered by hydrogen.
Their number one goal is to ensure the pleasure craft they are developing has an equivalent operational range, requires less maintenance and is cheaper to run than traditional fuel sources like diesel.
Highlights:
- Opportunity to decarbonise a recreational boating market projected to grow from US$16.4b in 2021 to US$23.6b by 2027, at a CAGR of 6.2%.
- A hydrogen-fuelled boat is expected to be in the water in the next 18 months, making it one of the first in the world.
- The approach allows for a new top to be seamlessly installed onto a repurposed hull powered by green hydrogen, meaning uptake will be quick as the assets already exist.
- Agreement with ‘Dynamic Efficiency’, whose engineering team has extensive experience including hazardous environment equipment design and a global network of relationships.
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