OXE Marine Inc, a wholly owned subsidiary of OXE Marine AB has received an order to supply engines to a US boat builder over a period of 12 months. The engines will be assembled in OXE’s US assembly facility.
The engines to be delivered are based on the OXE200 platform and modified to be used for an inboard application. As part of the order, they will receive an advance payment of (USD 0.9M) and the order is expected to contribute positively to both profitability and cash flow. Orders are planned for delivery starting in Q3 2024 and over the following 12-month period. The total purchase order value is USD 3.3M with USD 0.9M being unconditional and USD 2.4M being conditional on certain contracts being received by the boat builder.
“This order shows the progress that OXE Marine is making in the US market with its marine diesel solutions and the ability to have the engines assembled in the US.” says Jeremy Davis, CCO / Executive Vice President of OXE Marine Inc.
“The order demonstrates that OXE Marine is able to offer a variety of propulsion solutions to the marine market with a compact design and impressive power to weight ratio, the OXE engines used in outboard applications can also be an attractive solution for inboard applications.” says Paul Frick CEO
About OXE Marine
Headquarters are in Sweden, with sales and manufacturing operations in the US and a sales office in Singapore. OXE was founded in 2012 and was listed on the Nasdaq First North Growth Market in Sweden during 2017. A pioneer in the diesel outboard market, starting with the OXE150 which is still a popular model today. During 2020 OXE launched the OXE300, the most powerful engine in its line up. OXE is the only diesel outboard manufacturer offering engines in the power range 150HP – 200 HP today.
