OceanTech offered $ 100 million to promote technology in the superyacht industry
US-based OceanTech Acquisitions is targeting companies in the recreational boating, yachting and superyacht industries to deploy around $ 100 million that it recently raised through an initial public offering.
The investment is specifically for the advancement of Operations and Production technology in the industry.
Adir’s aspiration is to help companies in the industry looking to improve their technological capabilities.
They believe that the superyacht industry lags far behind comparative industries such as automotive, suggesting that while most industries operate within the framework of Industry 4.0 (advanced stage of automation and data exchange in technology and processes), the superyacht industry currently operates at level 3.0.
OceanTech is currently in the process of finding suitable target companies with an enterprise value of $ 250 million to $ 1 billion. Once identified, this business would become a partner of OceanTech, and the shareholders of OceanTech would become minority shareholders of the invested business. Joseph Adir himself is an industry expert involved in the superyacht industry for many years.
OceanTech Acquisitions I Corp, with its initial $ 101 million, will be a precursor to the next phases of OceanTech’s follow-up SPAC, aimed at investing in a wide range of industry professions, from shipyards to suppliers.
