Artemis Technologies has received £2 million backing from HSBC UK to help it take its ‘flying’ electric foiling boats to international markets.
The funding will be used to increase production capacity and begin serial production of its electric foiling workboats.
The company launched its 100% electric foiling workboat in 2022, using technology derived from the America’s Cup, and has received a number of orders globally in the offshore wind, workboat, patrol and smart mobility sectors. The business is also currently developing a high-speed passenger ferry, due to be launched next year.
In the last 12 months, the company has doubled in size and that growth is set to continue into 2024.
“This funding will enable us to carry out our global growth strategy and further establish Artemis Technologies as a market leader within the maritime industry,” explained Kiera McSorley, finance director at Artemis Technologies.
“We’re proud to be making the most of Belfast’s rich maritime and industrial heritage as we bring this incredibly exciting new era to the fore.
“The potential impact of low emission, smooth and fast travel that our eFoiler boats provide should not be underestimated.”
Daniel Wilson, deputy head of corporate banking at HSBC UK, added: “Companies everywhere are looking to become more sustainable, and the maritime industry is no exception.
“We are seeing exciting innovation within the sector as businesses rise to the challenge. Artemis Technologies is a great example of a business working to tackle this challenge, and we’re proud to be using our strengths in international banking to help the company expand, quite literally, overseas.”