Marine technology firm VEEM has secured an agreement with US-based Sharrow Engineering to manufacture and sell a collaborative propeller product.
Marine technology firm VEEM has secured an agreement with US-based Sharrow Engineering to manufacture and sell a collaborative propeller product.
Shares in VEEM were up more than 20 per cent at 11AM AWST after the Canning Vale company announced it had reached the exclusive partnership deal with Detroit-based Sharrow Engineering.
The two marine-focused companies will design, and then VEEM will manufacture and sell, ‘Sharrow by VEEM’ propellers for the large inboard vessel market.
The propellers would be manufactured at VEEM’s facilities in Western Australia, with first product available early next year.
VEEM managing director Mark Miocevich said the opportunity to expand the company’s product offerings was very exciting.
“Propeller design technology has not had this kind of leap forward for decades, so the opportunity to use our world’s-best manufacturing processes to produce the world’s most innovative design is huge for VEEM,” he said.
Sharrow managing director Greg Sharrow said the collaboration would bring a revolutionary product to the inboard market.
“The global boating industry is working towards a more sustainable and energy-efficient future and the Sharrow design is a big step in the right direction,” he said.
“Moreover, it provides significantly increased satisfaction and comfort to boat owners through reduced noise and vibration.”
