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.

Certified Adviser
FNCA Sweden AB is Certified Adviser for Cimco Marine AB (publ). Contact details to FNCA Sweden AB: tel. +46 8 528 00 399, e-mail info@fnca.se.

For further information, please contact:
Myron Mahendra, CEO, myron.mahendra@oxe-diesel.com, +46 76 347 59 82
Anders Berg, Chairman, anders.berg@oxe-diesel.com, +46 70 358 91 55

Cimco Marine AB (publ) has, after several years of development, constructed the OXE Diesel, the world's first diesel outboard engine in the high-power segment. Cimco’s unique patented engine-to-propulsion power transmission solutions have led to high demand for the company’s engines worldwide.

About Us

Cimco Marine AB (publ) has, after several years of development, constructed the OXE Diesel, the world´s first diesel outboard engine in the high-power segment. OXE Diesel has a unique belt driven propulsion system that allows a hydraulic multi-friction gearbox to be mounted. This means that the engine can handle significantly higher loads than a traditional outboard engine. Cimco´s OXE diesel has a horizontally mounted engine as opposed to a traditional outboard with a vertically mounted engine.

Subscribe

Quotes

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.
Myron Mahendra, CEO, Cimco Marine AB