The Fusion X Marine LLC subsidiary of US Lighting Group Inc. in Euclid, Ohio, has begun producing a 15-foot mini speedboat targeted at the boat rental market.
Like sister companies Cortes Campers and Futuro Houses, Fusion X Marine makes its boats with molded fiberglass, carbon fiber composites and marine gel coats, US Lighting said in a statement.
"Fusion X Marine is part of our strategic diversification plan to sell into growing recreational markets," said Anthony Corpora, CEO and president of US Lighting Group, in the statement.
Though targeted at U.S. and international boat rental businesses, the small powerboat also may appeal to personal watercraft enthusiasts, US Lighting said.
"Fusion X Marine's 15-footer has numerous advantages over Jet Skis," including a longer boating season and the ability to be used in more bodies of water such as lakes and oceans, Corpora said.
"The 15-foot boat can have up to a 50 horsepower outboard motor and is approved by the U.S. Coast Guard for safe loading," he added.
Fusion X is making one of its mini speedboats in blue and yellow — the colors of the Ukrainian flag — to be auctioned to benefit the country that has been invaded by Russia, said Patricia Salaciak, marketing director for the boat subsidiary, in an email.
The worldwide recreational boat market is projected to grow to $23.6 billion by 2027 at a compound annual growth rate of 6.2%, ResearchAndMarkets.com said in a September report.
The recreational boat market in North America, led by the United States, is expected to be the largest and fastest-growing worldwide because of high demand for leisure boating and water sports, the market researcher said.
But Corpora also sees "tremendous growth potential" for his company's speedboat in rental businesses located in overseas resort destinations, such as the Mediterranean and Caribbean.
Shares of US Lighting Group (OTC: USLG) were up more than 1% to 40 cents a share in midafternoon trading on Wednesday.
US Lighting's thinly traded shares have risen 400% since the company announced the shipment of its first 17-foot Cortes Camper travel trailer on Feb. 22 and launch of its Futuro Houses subsidiary on March 2.
