Is close to commencing construction.
Entering the fast-growing global electric boat market, valued at US $7.6B with a 13 percent CAGR, the Australian-designed electric motor yacht Genevo E8 has reached the next milestone in its development, moving into the Equity Crowd Funding phase.
“The design is finalised, material selection and supply agreements are in place, and we are ready to start building in early 2025,” reported co-founder and director, Damon Rahmate.
Rahmate and business partner, Andrew Davey have a combined 30 years’ experience in the Solar photovoltaic (PV), Energy Storage, EV charger and marine industries. Both life-long boaties and surfers, they are developing Australia’s first high-powered electric boat, the 8.2-metre Genevo E8, which was designed by award-winning superyacht designer Misha Merzliakov and will be built by leading composite boat builder, Dan Williams on the Gold Coast.
“Following the example of other electric boat brands overseas, the Equity Crowd Funding model was chosen as a reliable method,” added Rahmate. “We’ve received a very enthusiastic response and we’re confident of meeting our target and commencing construction early in the new year.” Three years in design development, the E8 will employ proprietary drivetrain technology which has attracted interest from Australian state water authorities and European water authorities. “The drivetrain will be integrated here in Australia, and it will be the first to market in Australia,” said Rahmate, adding that Defence procurement agencies, too, have been in contact.
In Europe, an agency has expressed interest in using the E8 as a pilot vessel, because it fits the bill in terms of size, capability, power and sustainability. “Genevo Marine is working with the University of NSW on an advanced recycled carbon fibre and the E8 will be integrated with some recycled carbon fibre material and increase over time. Integrating these types of materials reduce the embedded C02 inputs without a compromise to performance and is a step towards meeting European Union ‘Life Cycle Analysis’ (LCA) policy.”
Genevo has been accepted into the Australian Government’s Industry Growth Program, validating the project’s development and paves the way for potential grant funding. Once the target amount is reached, construction will begin on the prototype vessel.
“The aim is to exhibit at boat shows starting with the 2025 Sanctuary Cove International Boat Show in May,” said Rahmate, who was a panellist at the 2024 ASMEX Conference, discussing marine innovation and the future of electric propulsion. Based at Gold Coast City Marina & Shipyard, Dan Williams and his team have specialist expertise in carbon fibre race yachts and custom builds, working in Australia, the UK, Netherlands, UAE and the US.
“The environmentally-friendly aspect is something that aligns to our core values,” said Williams. “Innovation is something we are passionate about. We are always looking to innovate at every opportunity and Genevo provides the perfect platform for this.”
The E8 will be built using an array of the latest composite materials and techniques, as Williams explained. “Building with composites we can manage the strength to weight ratio. With a wider range of greener composite solutions making their way onto the market, we can utilise them in keeping with the environmental aspirations of Genevo. “Using advanced techniques of construction, we can save on costs, time and assure consistency throughout the whole operation.”
The fully specced launch edition Genevo E8 would likely be priced around AUD$450,000 and include 1kw solar PV system on the canopy, cork decking, 400kW electric motor and 132 kWh battery. According to its designers, the E8 is capable of a top speed in excess of 30 knots and at 10 to 15 knots will have a range of around 45 nautical miles. As Davey pointed out, “Fuel cost reductions are obviously a significant advantage, but the real game-changer is the huge offset in running costs with electric motors; they only have about 1 percent of the moving parts compared to petrol engines, so they just don’t require the same maintenance regimes.”
Fast charging will take 2 hours, or overnight an at home unit, and owners can recharge at public car chargers. Dockside fast chargers are rolling out rapidly in Europe, as Rahmate explained. “There are currently about 17 dockside chargers throughout Europe from one company alone, Aqua Super Power. There are other companies rolling out, but this company has the biggest market share and are expanding rapidly. Locally, marina operators such as d’Albora are investing in dockside fast chargers as the e-boat market grows.”
Genevo Marine plans to roll out its own fast-charging network in collaboration with Kempower, at strategic marinas nationwide to support their fleet and meet the growing electric boat demand. “Our charging technology has the capability to satisfy fast charging to both electric boats and EV’s and our technology partner is the world leader in dockside chargers,” said Damon.
“The satellite fast charge pedestals offer a distinct advantage for dock side chargers over other manufacturers, being slimline, compact and proven in harsh marine environments.
They are also more easily scaled up in dockside environments, which will be important as the number of electric vessels on the water increases.”
As for safety concerns, Rahmate stated, “The E8 uses our proprietary drive train with highly safe Lithium battery designed for marine applications.” The 1kW solar array on the canopy will power the boat’s on board Garmin, Polk audio entertainment and cooling systems. Added to this the E8 will offer a comprehensive telemetric system to remotely monitor each onboard system for ongoing after-sales support and OTA software updates. “We have been able to approach electric boat building with fresh eyes,” stated Davey. “We have access to the most efficient, cutting-edge technology in an industry that is constantly evolving.”
“Our objective is to develop and manufacture an Australian boat for our conditions that will have the least impact on the marine environment,” added Rahmate. “We are both boaties and surfers and want to ensure the oceans, bays, and rivers are healthy for our kids and future generations.”
