OXE has premiered its first 300-hp diesel outboard at the Genoa Boat Show. The company also said in a statement that it has received a $4.4 million (4 million euros) tranche of a $15.4 million (14 million euros) credit facility agreement entered into with the European Investment bank in July.
“The OXE Diesel is catching incredible attention here at Genoa,” said Ralf Losch, chief commercial officer of Sweden-based Cimco Marine, parent of the OXE brand. “It is clear that environmental awareness, fuel economy, high operational availability and end-user safety is important, particularly amongst the many commercial and governmental customers.”
The company said that the outboards will see some recreational use, but it expects that most sales will be in commercial markets. The company also said it had received the first tranche of $4.4 million of its credit-facility agreement from July 5, 2019.
“I am extremely pleased to have EIB as our funding partner,” said Myron Mahendra, CEO, in the statement. The receipt of Tranche A is an important step in meeting our growth ambitions and in funding our continued development of a new family of diesel outboard engines, inter alia the OXE 300.”