Sanlorenzo and Siemens Energy to build hydrogen superyacht

Superyacht Investor Contributor
By Superyacht Investor Contributor February 7, 2022 10:10

Sanlorenzo and Siemens Energy to build hydrogen superyacht

Sanlorenzo is to build a 50m superyacht equipped with hydrogen fuel cells that generate electricity from reformed methanol, according to CEO, Massimo Perotti. The project, which is due for completion in 2024, will have fuel cells constructed by Siemens Energy.

Perotti has purchased this first hydrogen-fuelled yacht to fund the development and test the technology before it becomes commercially available. Sanlorenzo has entered into an exclusive partnership with Siemens to find solutions for integrating fuel cells in yachts in the 24-80m range.

Perotti said: “The project of fuel cell systems for the generation of clean electricity that Sanlorenzo pursues along with Siemens Energy is of extreme importance: an avant-garde experimentation to introduce a new paradigm in the contemporary yachting, that will be implemented in 2024. These cardinal points will continue to trace the course of our business, on them we set our future promises and we feel deeply responsible.”

The news came as Sanlorenzo’s board of directors met to discuss the financial results for the past year.

Backlog more than doubled in 2021 coming in at €915.6m, compared with €408.8m at the end of 2020. The first month of 2022 has continued the trend as the backlog has now exceeded €1bn.

Net revenues from the sale of new yachts at €585.9m, up 28.% compared with €457.7m in 2020, led by the acceleration in Europe and the Americas.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at €95.5m. That was a 35.3% increase on the €70.6m achieved in 2020.

Investments of €49.2m, represented a 59.7% increase compared with €30.8m in 2020, including €26.7m intended to increase the production capacity and €17.5m for product development.

All of which leaves Sanlorenzo with a net cash position of €39m at the close of 2021, compared with €3.8m at the end of 2020.

Perotti added: “We are proud to present results unique in the sector, with performances that confirm the strength of our brand, in which customers recognise an unprecedented identity and the ability to meet the desire of freedom, an essential value especially in today’s context.”

Superyacht Investor Contributor
By Superyacht Investor Contributor February 7, 2022 10:10