The first solar-powered Tesla? This innovative vehicle will take to the seas, and Musk doesn’t know about it
- by ECOticias.com
- Oct 04, 2024
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Japan buries hydrogen forever, now going to make “green fuels”: First prototype unveiled
Startup Arc Boats is making it their mission to become the “Tesla” of the seas. The American company was founded in 2021 by Mitch Lee and Ryan Cook. In less than two years, its has received US$100 million in funding from venture capital firms Andreesen Horowitz and Lowcarbon Capital as well as investments from Will Smith and Kevin Durant. Since its inception, they have released two totally electric boats named the Arc One and the Arc Sport.
More efficient and less costly alternative to gas
While alternative energy source automobiles have experienced much airtime in the past decade, more environmentally friendly alternatives are not falling on deaf ears in the marine industry. Lee and Cook began their business using money Lee had earned from selling personal finance app Penny. Lee states that the concept of electric boats has been an idea of his since Tesla released their first electric car in 2008.
“There’s a lot of enthusiasm for a product like this, because it solves all these core pain points that gas boat owners have today,” says Lee. Electric car technology had made Arc Boats possible. The popularity of electric vehicles meant that a supply chain of batteries was created along with other electric components which electric vehicles and boats need to operate with.
Prolific and loyal customer base
The Arc One was their first development; a 24-foot luxury cruiser which is run entirely on electric power. It is powered by 200kwh battery packs and can stay on the water for up to five hours before needing to be recharged. It has an impressive 500 horse power. The luxury cruiser was first ready to order in 2021 for $300 thousand and was available for delivery by 2022.
One of their most prolific customers and avid fan is CEO and co-founder of 1-800 Contact Jonathan Coon. Coon is set to be one of the first customers to purchase the new Arc Sport after becoming a loyal customer to Arc Boats with his Arc One purchase. Coon will be the first recipient of the Arc Sport which will be ready for delivery by the end of 202.
Competition is growing, but not at the same rate as electric vehicles
While the market is slowly growing for electric boats, the demand is considerably smaller than the electric vehicle popularity. Worldwide sales of electric boats stood at an estimated $5 billion. While that may sound significant, it pales in comparison to worldwide sales of electric vehicles which surpassed $250 billion in 2023. Last year, the global luxury yacht market size was valued at over $7 billion dollars, all of which utilize traditional engines.
The biggest challenge with electric vehicles is the range the boats can reach without needing to be charged. While there is certainly plausibility in the idea that privately owned boats may embrace an electric transition, the reality is much more uncertain for large cruise liners or commercial ships. For large-scale projects like those, hydrogen gas is offering more promising results.
The shipping industry accounts for 2%-3% of the world’s total global emissions. Road travel accounts for three quarters of global transport emissions while transport in general accounts for a fifth of total global emissions. The prioritization of finding alternative fuel sources for private and public transport is a much bigger necessity, while large commercial fishing and under ground ocean drilling may be of a bigger concern than the electrification of boats.
Nevertheless, renewable energy is sure to find its way into every part of industry. The beginning of the end of fossil fuels will soon be upon us as the world begins to hit a crisis point of ensuring longevity of the planet.
© 2024 by ECOticias
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