No 8. February 2013

Energy Efficient Marine Propulsion Technology Raises $180,000

A company that has developed an energy efficient alternative to the conventional screw propeller and rudder on ships and boats has reached its minimum capital raising target of $180,000 only four months after issuing its investment document on ASSOB.

Cetacean Technologies Ltd has developed a marine propulsion and steering technology known as Vortex Propulsion, which it says delivers improved propulsive efficiency and other advantages compared to conventional propellers.

It also enables vessels to comply with the emission regulations mandated by United Nations' International Maritime Organisation that came into force on 1 January this year.

As well as improving energy efficiency, it also gives enhanced manoeuvrability.

Cetacean's managing director, Peter Waud, said it is a new type of propulsion method based on the propulsion used by fish and other sea animals. The technology was developed over many years, and the company has a patent strategy to achieve maximum patent life in as many jurisdictions as possible.

Two prototype boats have been built and tested. Prototype 1 was assessed by Wilhelmsen Marine Consultants, a division of Wilhelm Wilhelmsen ASA, one of the worlds' leading maritime organizations. This led to Wallenius Wilhelmsen making a grant to further develop the technology. The grant was from their Orcelle Fund that was established to assist the development of technologies that can reduce the environmental impact of the shipping industry.

Cetacean Technologies said it sees the grant as an endorsement of the commercial potential and the green credentials of Vortex Propulsion technology.

The grant also assisted with the development of Prototype 2 - a boat which Cetacean said underwent extensive testing and confirmed the advantages of Vortex Propulsion.

Cetacean Technologies' Prototype 2 marine propulsion technology being tested.

The technical success of Prototype 2 means it should be possible to develop the technology to propel civilian or military craft of any size, a prospect that excites the company given the size of the global ship and boat building industries.

As a technology company, Cetacean' principal income would be from royalties for each Vortex Propulsion system installed.

The WA based company is looking to raise $2 million by offering 22 per cent of its equity. It is currently in preview mode on ASSOB, with Business Equity Finance (WA) acting as its sponsor.

The capital is to convert the technology into engineering data needed to install the system in any vessel and to begin the marketing and corporate development plan.

The company says it has relationships with AADI Defence and Wilhelmsen Marine Consultants, its two strategic partners.

 

 

 

 



 





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