Portland entrepreneur Marcelino Alvarez grew up on the water in South Florida, making his latest venture Photon Marine a homecoming of sorts.
Photon Marine is building high-powered electric outboard motors for commercial boats. Think: the boats used for fishing, for transportation, for tourism. The goal is to electrify this portion of the maritime sector and help protect fragile ocean ecosystems.
“I grew up in Miami. I am a Jimmy Buffett song. I’ve been on the water since I was a kid and the idea of conservation was apolitical and it was just the thought that we have to save this for future individuals,” he said. Once he landed in Portland, he continued to spend time on the water.
Alvarez, who founded the design and strategy firm Uncorked Studios, which sold in 2019,
Photon Marine created a 100 horsepower prototype engine and accompanying software for intelligent energy and fleet management. It's working on a 300-horsepower prototype, expected to debut at the Miami Boat Show next February, to round out the first product offering.
Alvarez, Photon's CEO, said he has letters of intent from customers for 45 systems, comprising than $5 million in sales. Another $12 million worth is in the pipeline.
The company is raising a $6 million seed round.
Photon’s systems can be used 18-foot rigid inflatable boat used for tourism in the Galapagos as well as 80-foot tender vessels that transport passengers between cruise ships and shore.
The startup is targeting commercial fleets, which, due to frequent use, recoup their electrification costs faster.
A conversation with VP of Business Development Charles Steinback convinced Alvarez to develop maritime EVs.
“We were catching up and talking about technology that could be used for good,” recalled Alvarez. “He said if we don’t electrify boats there is no amount of conservation that can keep up (with the damage done).”
Manufacturing and design work is being done from a shop on Swan Island that houses several EV-related businesses.
Alvarez' leaders include Chief Strategy Officer Tara Russell, who's the former senior vice president of global impact for Carnival Cruise Corp., as well as Chief Technology Officer Nick Schoeps, a former Motoczysz senior engineer who founded EV engineering consulting firm Upspun. Steinback is the former director at the nonprofit Future of Fish, which supports small-scale fisheries.
The company will start piloting its items next year and plans to start volume manufacturing by 2024.
