2019-09-19 10:44Press release

Cimco Marine AB (publ) receives first tranche of MEUR 4 from the European Investment Bank


Cimco Marine AB (publ) (the “Company”) today announces that the Company has received Tranche A, in the amount of MEUR 4, under the MEUR 14 credit facility agreement entered into with the European Investment Bank (“EIB”) on 5 July 2019.

Myron Mahendra, CEO, comments: ”I am extremely pleased to have EIB as our funding partner. The receipt of Tranche A is an important step in meeting our growth ambitions and in funding our continued development of a new family of diesel outboard engines, inter alia the OXE 300 that will have its world premiere on the Genoa Boat Show on 19 to 24 September 2019.

For further information about the credit facility agreement with the EIB, please refer to the press releases on 5 July 2019, 12 July 2019 and 30 August 2019. 

About OXE Marine AB

At OXE Marine we are driven by the ambition to transform the outboard motor; impacting the journey towards a more sustainable and ecologically positive marine environment. We are passionate, knowledgeable, and reliable. Passionate to commit to innovation and excellence, knowledgeable to recruit and retain high-quality personnel, and reliable to commit to supplying safe, durable, and reliable products and services and to openness and fairness with all our stakeholders. OXE Marine believes in a strong collaborative approach between our teams and partners while being daring and persistent in our passion for excellence. OXE Marine was founded in 2012, and is the company behind a patented outboard transmission, enabling the use of high torque diesel engines on outboard systems and in sterndrive solutions.


Paul Frick
Paul Frick