OXE MARINE receives purchase order that is worth up to USD 3.3M

OXE MARINE receives a purchace order worth USD 0.9M from a U.S. boat builder with an option to increase the total order to USD 3.3M

 

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, OXE Marine will receive an advance payment of (USD 0.9M) and the order is expected to contribute positively to both OXE Marine’s 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 of OXE Marine AB

OXE Marine AB (publ) (NASDAQ STO: OXE) is the company behind the world’s first high performance diesel outboard. The company’s unique and patented solutions for high transmission between powerhead and lower leg has led to a global high demand for the company’s diesel outboards.