Torghatten orders coastal ferry pair for Swedish operation
Defense and security technology group Summa Defence's "target company" Uudenkaupungin Työvene has signed a contract to build two battery-hybrid passenger vessels for Norwegian shipping company Torghatten's Swedish business unit.
The vessels will operate on Sweden's west coast between Strömstad and the Koster islands, and will be based on a Multi Maritime design. The total contract value exceeds 20 million euros (US$20 million).
"Our target companies' order backlog is already 200 million euros, and this order further strengthens it," said Jussi Holopainen, CEO of Summa Defence.
"Our target companies possess tremendous expertise and potential, and together with Summa Defence, operations and production can be scaled up significantly."
The target companies of Summa Defence include Lännen Tractors, Aquamec, Uudenkaupungin Työvene, IntLog and Lightspace Technologies.
These companies are expected to become subsidiaries of Summa Defence Group tentatively in April 2025 during the execution of share exchange transactions announced on January 29.