Solar boat maker eyes 14 times revenue jump in FY18
NavAlt Solar and Electric Boats, which launched its first solar ferry in Kerala earlier this year, is eyeing Rs 28 crore revenue this fiscal — a 14 times rise over 2016-17, a top company official said.
NavAlt, founded in 2013 is a joint venture between parent company Navgathi Marine Design and Construction with two French companies — Alt.En Systems and EVE Systems.
“In FY17, we clocked revenues of only Rs 2 crore. We already have orders for 10 boats in hand and generally the cost to client is around Rs 2-3 crore. So, we are expecting nearly Rs 28 crore revenue this fiscal,” NavAlt Solar and Electric Boats Chief Executive, Sandith Thandasherry told here.
Navgathi, which is into the construction of commercial boats and ferries, decided to develop solar-powered ferries and joined hands with the two French firms for the exercise, he said.
Thandasherry said the first solar ferry was launched in Kerala and now it is looking at opportunities in other states like West Bengal, Gujarat and Goa, among others.
He further said the company is also looking to introduce this solar ferry model in Asian countries where sunshine is abundant.
“Maldives, Sri Lanka, Nepal and other South East Asian nations are our target markets. Among these, Nepal is the main target as they use the waterways for transportation very effectively,” he added.