OceanTech Acquisitions I Corp. (Nasdaq: OTECU), a newly formed, US based SPAC (Special Purpose Acquisition Company), is targeting businesses in the leisure marine, yacht and superyacht industries to deploy circa $100 million it recently raised through an initial public offering. The investment is specifically for the advancement of Operations and Production technology in the industry. The Company is sponsored by OceanTech Acquisitions I Sponsors LLC, an affiliate of investor and entrepreneur Joseph Adir. Photo: OceanTechIt is Adir’s aspiration to aid companies within the industry that are seriously looking to advance their technological capabilities. He believes that superyacht industry is severely trailing behind comparative industries, such as the automotive, suggesting that while most industries operate within Industry 4.0 framework (advanced stage of automation and data exchange in technology and processes), the superyacht industry is currently operating at Industry 3.0 level.
OceanTech is currently in the process of searching for suitable target businesses with a $250 million to $1 billion enterprise value. Once identified, this business would become a partner of OceanTech, with shareholders of OceanTech becoming minority shareholders of the invested business. Joseph Adir himself is an industry expert involved in the superyacht industry for many years.
OceanTech Acquisitions I Corp with its initial $101 million, will be a precursor to further phases of follow-on SPAC’s by OceanTech, aimed at investing in a wide range of industry professions, from shipyards to suppliers.