MANAGEMENT REPORT
Information about the business
Several attempts have been made to develop outboard engines for diesel fuel, but the difficulty lies in developing a
sufficiently strong design for power transmission between the engine and the propeller. The patented belt propulsion ’lower-leg’ is at the core of OXE Marine’s unique technology.
Significant events during the financial year
- The Company announced on
February 15, 2023 that it has developed a concept engine with hybrid drive that combines the diesel drive ofOXE Marine outboards with electric drive and thus offers even lower fuel consumption and carbon dioxide emissions. - The company's diesel-powered outboard with water jet propulsion, which was developed together with JET-TECH, was nominated as one of the innovations of the year at the International Boat Show in
Miami . The engine is one of the world's most powerful outboards with water jet propulsion and has been made possible thanks to OXE's proprietary power transmission system that can handle very high torques. - The company expanded their footprint in
Asia by appointing creation CO., LTD as dealer forJapan . - The company expanded in south America by appointing new distributors in
Brazil andColombia . - The company introduced the OXE configurator, that allows the customers to customize their OXE Diesel Outboard.
- The company appointed
Paul Frick as new CEO. - The company received orders worth
SEK12M (USD1.1M ) from United States DLA. - The company expanded in
North America by appointing new distributor inMexico . - The company received an order from its exclusive distributor in
the Philippines of approximatelySEK 9 m (EUR 0.9 m) as a result of an award from the Philippines Coast Guard, total scope 80 engines. - The company announced collaborations with
Punch Torino . - The company received orders worth
SEK 63 M (USD 5.8 m) to supply aUnited States Governmental Agency . - The company announced collaboration with control system manufacturer Uflex.
- The company carried out a directed share issue of
SEK 30.2 million (SEK 29.3 m after transaction costs).
Future prospects
Company continues to explore new technologies, including electric and hybrid solutions with the aim to be at the forefront of outboard marine technology. The Company continues to develop an organization that works in a structured and efficient way with quality and innovation. Additionally, OXE has strengthened its position in the US market, creating a direct to market model, gaining access to end-user, dealer, governmental and OEM networks. This, in combination with new ongoing development projects, supports management’s assessment that demand will continue to be strong from the market.
NOTE: The English version is a translation of the Swedish version, for any inconsistencies in the translation refer to the Swedish version.
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