Daedalus Composites told Triangle Business Journal that it plans to expand its facility in Edenton, N.C. The builder of high-end carbon-fiber sailing catamarans received a $500,000 grant from the state of North Carolina, and Triangle Business Journal reported that the company is investing more than $1.1 million in the expansion.
Daedalus owner Michael Reardon said the company has 28 workers in North Carolina. It acquired Farrier Marine in New Zealand last August, which manufactures the F22 sailing multihull.
Reardon, previously with Seaway Group and Gunboat, plans to double the number of workers at the North Carolina facility. He plans to hire more builders and engineers. He started the Edenton facility two years ago.
“I had a very good client list and was looking for a place to settle down — good economy, good people, nice place and access to the water,” Reardon told TBJ. He plans to build high-end, composite boats at the facility.
“Generally, our clients are Fortune 500,” he says, adding that Google co-founder Larry Page is a past client.
Reardon's team is building an 88-foot catamaran. He describes the composite work on the yacht as “aerospace quality.” Reardon said boats in the Daedalus line start at $12 million.
Reardon co-founded the company with Stefan Muff, among those behind the technology for Google Maps. On its website, Daedalus says it is the “only serial manufacturer of carbon yachts over 60 feet in the U.S.A.” On its Facebook page, the company said it is building the world’s first hydrogen-powered yacht.