OXE Marine AB (publ) publishes annual report for 2022

News provided by

18 Apr, 2023, 01:35 ET

Share this article

ÄNGELHOLM, Sweden, April 18, 2023 /PRNewswire/ --

MANAGEMENT REPORT

Information about the business

OXE Marine AB (publ) was formed in 2012 and after several years of development has developed a diesel outboard for the marine market. The head office is located in Ängelholm, Sweden. OXE Marine AB is listed on Nasdaq First North Growth Market, ISIN SE0009888613. The global outboard market has long been dominated by gasoline engines, but with a diesel engine you get a stronger and, above all, a more fuel-efficient engine.

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. OXE Marine's outboard engine, OXE Diesel, is the first diesel outboard that is capable of replacing the well-established gasoline outboards in the higher power levels, in commercial and governmental operations. The engine is a modular platform that has been configured for a horizontally mounted engine, unlike traditional outboards that have vertical engine installations. OXE Marine's unique solution has led to great international demand for the Company's engines. Among other things, in 2015 the North Atlantic Treaty Organisation ("NATO") introduced a directive, Single Fuel, which stipulates that all NATO equipment must be run on diesel if this is an available alternative in the market.

Significant events during the financial year

OXE Marine AB (the "Company") announced the following significant events during the year:

Future prospects

OXE Marine's future growth is dependent on the Company developing and producing sustainable products. The 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, with the acquisition of Diesel Outboards (now OXE Marine Inc), OXE 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.

Certified AdviserFNCA Sweden AB is Certified Adviser for OXE Marine AB (publ). Contact details to FNCA Sweden AB: tel. +46 8 528 00 399, e-mail [email protected].

For further information, please contact:Anders Berg, CEO, [email protected], +46 70 358 91 55Jonas Wikström, Chair of the board,[email protected], +46 70 753 65 66

OXE Marine AB (publ) (NASDAQ STO: OXE) has, after several years of development, constructed the OXE Diesel, the world's first diesel outboard engine in the high-power segment. The Company's unique patented engine-to-propulsion power transmission solutions have led to high demand for the Company's engines worldwide.

The following files are available for download:

https://mb.cision.com/Main/16067/3751655/1989341.pdf

OXE Marine AB - Annual Report 2022

https://news.cision.com/oxe-marine-ab/i/oxe-marine-ab---annual-report-2022,c3167676

OXE Marine AB - Annual Report 2022

SOURCE OXE Marine AB