Northern Ireland 'flying boats' set for take off thanks to £2million funding

A Northern Irish company is taking Belfast’s maritime capabilities into an exciting new era as it brings its ‘flying’ electric foiling boats to international markets with £2 million backing from HSBC UK.

Based in Belfast, Artemis Technologies has used the funding to increase production capacity to enable it to commence serial production of its electric foiling workboats in response to growing demand.

The company – which launched the world’s first commercially viable, 100% electric foiling workboat last year – has already received a number of orders globally, and the offshore wind, workboat, defence and smart mobility industries have already shown interest in its zero-emission vessels. The business is also currently developing a high-speed passenger ferry, due to hit the water next year.

To help Artemis Technologies trade internationally, HSBC UK is providing foreign exchange and trade finance facilities together with an equipment finance facility, to help the company fulfil current orders while targeting trade in new geographies including the United States.

In the last 12 months, the company has doubled in size and that growth is set to continue into 2024.

Kiera McSorley, dinance director at Artemis Technologies, said: “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.

“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. We hope our technology will help to transform both the day-to-day operations and environmental impact of our customers, across the globe.”

Daniel Wilson, deputy head of corporate banking at HSBC UK, added: “There are some great innovations taking place in the maritime industry as it moves towards more sustainable operations. Artemis Technologies is a great example of a business actively addressing this challenge, and we’re proud to be using our strengths in international banking to help the company expand, quite literally, overseas.”

Artemis Technologies’ electric foiling boats are completely emission free in operation, providing significant operational savings to businesses after an initial investment when compared to their diesel counterparts.