Seaborne 90 meter Cargo Catamaran feasibility study & business plan

Seaborne Hydrogen is offering seed-funding of 15M € for 1/3 of the company.

Cover Letter

The demand for time-sensitive goods such as fish or fresh produce is continuously increasing. Today, these time-sensitive goods are mostly shipped by truck to fulfill speed

Best regards, Roar Nilsen

Seaborne

Markets increasingly require delivery of time-sensitive goods while

minimizing emissions

Source: European Commission, IMO, OEC, Seaborne

Seaborne is targeting global shipping companies that require fast ships with a sailing range of up to 1,000 nm

1) Based on the number of Seaborne Ships with a 1,100 t capacity required to ship time-sensitive goods suitable for seaborne shipping. Additionally, time for maintenance and for return of the ship are considered Source: Eurostat, Seaborne

The Seaborne ship’s hull design, which includes the lower deck and below, is part of the key innovation process

Several hull designs have been tested over the years and many vessels were delivered through our associated companies. Test results on the actual vessel’s performance in the water is already showing exceptional results. .

** More information on request.

Seaborne outperforms other modes of shipping on speed, cost- and fuel-efficiency

Compared to other modes of transport, Seaborne offers the best combination in terms of cost and speed for shipping fresh produce

Salmon exports from Norway will serve as the starting point

Expansion will be to where other time-sensitive goods can be shipped by sea

In the base case scenario, EBITDA is expected to reach around USD 29 m by 2027

Seaborne will sell its vessels to shipping companies and will commission shipyards for construction

Seaborne is targeting the market for time-sensitive goods at a distances of up to 1,000 nm

Source: eurostat, World Integrated Trade Solution, Seaborne

Seaborne will enter a large and continuously growing market

Market potential of more than 110 ships in Europe alone

Four major factors are driving Seaborne’s target market

Source: Seaborne

Demand

shipping in Europe alone

Source: eurostat, Seaborne

Seaborne

for time-sensitive goods is ever-increasing – Roughly 19 mt are suitable for

Multiple EU routes currently serviced by trucks would be better serviced by Seaborne shipping

Especially trade from Spain to Northern Europe

The shipping industry is a very cost-driven industry – Accordingly, offering a cost-efficient alternative is key

Source: NYU Stern, Seaborne

Source: Statista, Seaborne

To ensure fresh produce is in good condition, there is significant time pressure on shipping

attention to its protection

Source: UNCTAD, IMO, Trade Finance Global, Seaborne

The shipping industry places a strong burden on the environment – Norway is paying special

Seaborne focuses on development, design and sales while coordinating the activities of partners

Source: Seaborne

Seaborne Design is providing and coordinating a fully integrated service to shipping companies – Shipyards ultimately responsible for construction

Source: Seaborne

Seaborne will target markets where trucks may be replaced to ship time- sensitive goods

Source: Seaborne

The hull design, which includes the lower deck and below, is the key innovation

Several hulls are tested and vessels are delivered. Test results and actual vessels in the water shows great results. More information on requests.

Source: Statista, Seaborne

LNG performs well in terms of energy density, cost and infrastructure

readiness – Multifuel solutions are also possible

Compared to other modes of transport, Seaborne offers the best combination in terms of cost and speed for shipping fresh produce

Shipping by Seaborne vessels is significantly faster than shipping by truck or container ship

Source: DNV GL AS Maritime, Seaborne

Shipping by Seaborne vessels is significantly cheaper than shipping by truck – while offering the same speed advantages

Source: Statistics Norway, OECD, Seaborne

Source: Desk research, Seaborne

Compared to other vessels in the market, the Seaborne vessel is much faster and therefore better suitable for shipping time-sensitive goods

Compared to other aluminum-based catamaran vessels in the market, the Seaborne differentiates itself with its focus on the cargo market

Source: Incat, Austral, Seaborne

Shipping of salmon from Norway to Europe and import back of fresh produce will serve as the starting point to enter the market

Source: Seaborne

Market entry point: The Seaborne Ship is perfectly customized for the time- sensitive salmon

transport

Source: Seaborne

Local Norwegian market as a starting point: Salmon exports from Norway are booming – Most

salmon is currently exported by road

Source: Statistics Norway, OECD, Norsk Industri, Norwegian Seafood Council, Seaborne

The import of fresh fruit and vegetables from continental Europe to Norway is continuously increasing

Source: Statistics Norway, Seaborne

For shipping of fish and seafood, Seaborne will first target Norway and continental Europe

Global sales follow thereafter

Source Food and Agriculture Organization of the UN, Statistics Norway, Seaborne

Source: WITS, eurostat, World Shipping Council, Theran Times, Seaborne

Seaborne will be suitable for shipping time-sensitive goods in different point-to-point locations around the world

Design variations for other time-sensitive goods

Besides the shipping of fresh salmon, Seaborne vessels will be suitable for shipping other timesensitive goods, too

Source: Statista, Holland Trade and Invest, Seaborne

The marketing and sales strategy defines the market entry strategy, target locations, marketing and sales channels as well as pricing

Source: Seaborne

Seaborne will target short-sea shipping companies as target customer group – Collaboration with food trucking companies essential

Source: Seaborne

Source: Lerøy Seafood Group, Mowi ASA Group, Nordic Seafood, Norwegian Seafood Trade, Seaborne

on personal networks, fairs, exhibitions and online marketing

Seaborne’s 's marketing will primarily

Source: Seaborne

rely

Sales price

of the Seaborne vessel is set at USD 50 m – In line with other large- scale catamarans and sufficient to cover cost

Source: Lerøy Seafood Group, Mowi ASA Group, Nordic Seafood, Norwegian Seafood Trade, Seaborne

Seaborne vessel will undergo diligent testing before first customer order is placed

Source: Seaborne

Seaborne's organizational structure respects the firm's focus on technical development – Compliance with regulatory requirements

Source: Seaborne

Employee growth will be most strongly attributable to an increase in staff for project management and sales

Source: Seaborne

Seaborne will set up sound legal structures with relevant stakeholders

Source: Seaborne

Seaborne will engage a law firm specialized in shipping, project structuring and intellectual property

Source: Seaborne

Potential financial, technological, market and regulatory risks have been identified together with appropriate mitigation measures

Source: Seaborne

attracted

Source: Seaborne

Seaborne’s next steps and overall success depend on the extent to which funding can be

Seaborne’s

functions as the most important mitigation strategy

Source: Seaborne

& Testing

design is a bet on an innovative hull design and use of new materials

Source: Seaborne

In a cost-driven industry, there are well established market players already – Demonstration of real product innovation key to success

Source: Seaborne

If the firm is financially liable for building the vessel or is unable to secure an exclusive license agreement on the hull design the business is at risk

Three different sales scenarios are considered for financial forecasting

Source: Seaborne

First sales order expected to be generated by the end of 2023 with the sale of four orders by 2027

Source: Seaborne

In the base case scenario, EBITDA is expected to reach around USD 29 m by 2027

Source: Seaborne

In the base case scenario, the EBITDA is expected to be positive by 2024 and reach around USD 26 m by 2027

Each position in the income statement has been estimated individually and validated by industry experts

Source: Seaborne

Potential variations in key variables – price and R&D cost – lead to different funding requirements

Source: Seaborne

Seaborne will primarily use its funding for hiring engineers and finalizing the design of the Seaborne vessel Use of Funds

Source: Seaborne