CDW Holding Limited’s group subsidiary, Tomoike Industrial Co., Ltd (JPT) has acquired exclusive distribution rights in both Hong Kong and Southeast Asia for a new electric boat propulsion system (Electric Boat Propulsion Unit) from Electrine Inc. of Korea (Electrine).
With this acquisition, JPT now has exclusive distribution rights for this propulsion system in 14 countries: Japan, Hong Kong, Singapore, Vietnam, Thailand, Myanmar, the Philippines, Laos, Cambodia, Malaysia, Indonesia, Timor Leste, and Brunei. The propulsion system will carry Electrine’s 90 hp and 115 hp e-OUTBOARD models, with customization possible in the future, including increasing the capacity of the lithium-ion battery in the unit.
In Japan, JPT has already acquired a ship inspection certificate on a high horse power or 90 HP electric boat with an outbound motor unit from the Japan Craft Inspection Organization. JPT is now conducting sales and promotional activities, and collecting performance data with its partner companies in Japan.
For Singapore, Malaysia, Indonesia, Timor-Leste and Brunei, JPT has signed a distributorship agreement for the propulsion system with Singapore-based Five Power Products Pte Ltd (FivePP), a distributor of Marine Propulsion Engines, Generating Sets, and customised Lightweight Foam Fenders for boats.
JPT has also entered into a contract to lend a 90 hp Electric Boat Propulsion Unit set to Five Aluminum Boat & Engineering Pte Ltd (FiveAB), a manufacturer of 8ft to 62ft aluminium boats for pleasure, commercial and military applications. Both FivePP and FiveAB have started marketing activities for this propulsion system on their website and social media channels since March 2023.
Trial Boats in Singapore
FivePP and FiveAB both design and manufacture flotsam cleaning boats to clear up Singapore’s Marina Barrage, Seletar & MacRitchie Reservoirs, including Singapore’s major fresh waterways. JPT is suggesting to them to incorporate the propulsion system in the building of new cleaning boats to replace petrol and diesel propulsion systems.
FiveAB is installing a 90 hp Electric Boat Propulsion Unit on one of its 26ft Sports-fishing boats at Raffles Marina in Singapore. FiveAB has been operating a trial boat with the propulsion system in April 2023.
Growing Demand for Electric Outboard Motors
The market for electric outboard motors reached USD 118.6 million in 2020 and is expected to grow at a CAGR of over 5% until 2027, according to Global Market Insights. Therefore, this distributorship agreement with Electrine enables CDW to capitalise on the growing worldwide demand for electric outboard motors.
Participation in IMDEX Asia 2023
JPT will take part in Singapore’s “IMDEX Asia 2023” at the Changi Exhibition Centre from 3 to 5 May 2023, and believes this boat show is a great opportunity to introduce the electric boat system and technology. Moreover, JPT plans to enter the growing Asia Pacific market from Singapore, since the country has a strategic and neutral position in the maritime industry.
“The adoption of a strategic focus on core themes highlighted in the UN’s 2030 Sustainability Development Goals across the Group’s portfolio will further enhance CDW’s attractiveness to institutional investors, as we continue to strengthen our other revenue streams and diversify our competencies beyond display panels”, said Mr Yoshikawa Makoto, Chairman and Chief Executive Officer of CDW.
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CDW Holding Limited (the “Company” and together with its subsidiaries, the “Group”) is a Japanese-managed precision components specialist serving the global market focusing on the production and supply of niche precision components for digital instrument panels in the automobile industry, notebook computers, consumer and information technology equipment, office equipment and electrical appliances, and an original equipment manufacturer. The Group is headquartered in Hong Kong and has operations in Japan, China, South Korea, Thailand and the Philippines. The Company has been identifying new businesses to invest in with the potential for growth and entered as part of its diversification strategy and has made forays into the Life Sciences sector since 2016. The Company’s aim for its Life Sciences business is to identify research-driven yet commercialisable projects that can have a positive impact on the quality of human life.
