I wanted to take this opportunity to welcome you to the Evolutio Marine universe. As we start our journey in marine electrification innovation, I am in awe of how much opportunity is available in the industry. The industry is starting to see some amazing innovations and leaps in scaling electric engines for marine vessels. Many start-ups are looking into scaling the range of electric engines with great ideas and solutions in various verticals of marine logistics and vessel types. While we see a limitation, in extending the range of electric engines, in some of the verticals, market research shows that there are massive opportunities in specific long-range transportation and logistics vessels.
There is potential in using solar charging solutions and while these show promising scaling results, there are still major limitations in environmental variables that limit the charging times for the proposed solutions. Cloudy and nighttime conditions will greatly impact the charging capacity of solar charging systems. Wind solutions have proven successful in sailing vessels, but have not been able to scale in electric engine environments thus far.
Evolutio Marine would like to step in and extend the range of electric marine vessels of all sizes. Our prototype has been showing very promising results in extending the range of the vessels in our initial tests. The tests have shown that while the vessel is underway, there is an almost guaranteed rate of charging the battery system with a certain consistency in charging rates. The tests have also shown that even when anchored if there is enough water current against the vessel hull, the generators can keep the batteries charged. This capability of charging batteries using the vessel displacement eliminates many limitations of other charging solutions while the vessel is underway.
The mission is to extend the range of electric marine vessels, to make clean and reusable energy the primary election for marine manufacturers and organizations around the world.
This unique solution will open many doors in the marine electric propulsion market. Market research data shows 166% growth in the next 5 years of the current $4.5B market value; this general view has been shared by various organizations in the marine electric vehicle market. Evolution Marine plans to be one of the innovators driving this market and expand the various vertical investments in the electrification of the marine industry, recreational, commercial, and military.
Again, I welcome you to our organization and hope you stay tuned for upcoming updates on our solutions and progress.