OXE Marine AB has entered a cooperation agreement with Evoy AS to evaluate the technical and market feasibility of a high-powered electric outboard engine. The initial focus is on a 150 hp equivalent motor, with future plans for models up to 300 hp. This partnership aims to align with OXE’s commitment to reducing emissions in the marine sector. Both companies will explore deeper collaboration to develop and market the electric propulsion system globally, targeting commercial and recreational markets as battery technology evolves.
On September 14, 2020, Oxe Marine AB upgraded to the OTCQX Best Market from the OTCQB Venture Market. This transition allows Oxe Marine to enhance its visibility among U.S. investors and meet high financial standards, which can improve stock liquidity. The company's CEO, Myron Mahendra, expressed optimism regarding positive investor sentiment following recent results. The upgrade signifies an important milestone for Oxe Marine, which designs and manufactures commercial diesel outboards.
OXE Marine AB has begun trading on the OTCQB Market in the US under the ticker symbol CMMCF. This move is designed to enhance visibility within the US investor community. CEO Myron Mahendra highlighted the launch of the new OXE300 diesel outboard and plans for a production facility in the US in 2021, anticipating significant revenue generation from North America. The company is already publicly listed on Nasdaq's First North Growth Market in Sweden.