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How Genevo Marine is Leading Australia’s Electric Boat Revolution
Damon Rahmate and Andrew Davey of Genevo Marine are building Australia’s first luxury electric day boat, the E8, targeting the fastest-growing segment of the recreational boat market.
About the guests
Damon Rahmate
Co-Founder, Genevo Marine
Damon studied biochemistry then spent years working on boats in the US and Caribbean before returning to Australia, where he invested in one of the country’s first large-scale commercial battery storage projects. He has co-run a successful commercial solar company for over a decade and co-founded Genevo Marine to bring together his passions for boats and sustainable energy.
Andrew Davey
Co-Founder, Genevo Marine
Andrew completed a boat-building apprenticeship at Kumura Zuroe Yachts, working on Wild Oats IX, then retrained as an electrician after developing a sensitivity to boat-building chemicals. He worked on large properties on the Gold Coast before moving into renewable energy, where he and Damon collaborated on pioneering battery storage projects. He leads the electrical and drivetrain design for the E8.
Episode overview
Steve Grace sits down with Damon Rahmate and Andrew Davey, two country boys who drove up to Sydney from their workshop to talk about Genevo Marine before heading to the Maritime Museum to look at a diesel-electric submarine. This episode covers what it actually takes to build a physical hardware product in Australia, why the electric boat market is approaching a commercial tipping point, and why the 8-metre centre console segment is precisely the right place to plant a flag.
Why electric boats, why now
Damon and Andrew were both running a successful commercial solar company when the idea crystallised, about five years ago. Battery energy density had reached the point where extended-range electric propulsion in small recreational vessels was genuinely viable. Electric drivetrains have roughly 150 times fewer moving parts than internal combustion engines, making them simpler and more reliable. The experience on the water is fundamentally different: no fumes, no engine noise, a quieter environment for passengers and the surrounding ecosystem. The global electric boat market is worth approximately $7 billion today and is forecast to reach $30 billion by 2030.
“You sit there and hear the horrible outboard running and the fumes going. It was a sliding doors moment. It could have easily gone electric rather than fuel, but petrol just won out and then completely smothered the other side.”
Damon Rahmate on the historic opportunity 15:40
The E8: targeting the right segment
Australia has the highest boat usage rate in the world, with 85% of the population living on the coast. The founders worked with an experienced international boat broker to identify the fastest-growing market segment: the 6 to 8-metre centre console. The E8 is 8 metres, trailerable, and designed for day cruising, diving, and fishing. It sits at an attainable price point compared to luxury superyachts while targeting a buyer who cares about the quality of the on-water experience. Naval architect Misha Movrov designed the hull based on their criteria, with three years of ongoing iteration as battery technology and component availability have evolved.
Building a bespoke drivetrain as a second product
One of the more interesting commercial decisions in this episode: Damon and Andrew decided from the outset to build their own electric drivetrain rather than buy a plug-and-play kit. The reason is partly quality control and partly a second revenue stream. They already have interest from government water authorities in Queensland and overseas who want to buy the drivetrain independently of the boat. A bespoke drivetrain that can scale up and down in battery and motor configuration has more commercial flexibility than a fixed kit ever could.
“We see that as a bigger play. You can buy the boat but you can also buy the drivetrain. And we’ve got interest currently from government water authorities in Queensland and overseas that are interested purely in the drivetrain.”
Damon Rahmate on the drivetrain strategy 23:00
The sourcing challenge
Building hardware in Australia means sourcing components from an EV supply chain that was not designed for one-unit prototype orders. The founders describe the component sourcing as harder than the actual design work. Their contacts from China commercial battery procurement trips became critical. Supply chain disruptions during COVID unexpectedly opened relationships with manufacturers they would not otherwise have found. The software and CAN bus engineering for the drivetrain control system is being handled by a specialist engineer they have engaged separately.
Key takeaways
Chapters
00:00Introduction00:18Meet Damon Rahmate and Andrew Davey of Genevo Marine00:36The vision behind Australia’s first electric luxury boat03:30Overcoming challenges in electric boat design08:23Environmental benefits of electric boating12:29Leveraging government support for innovation15:36The growing market for electric boats23:10Future plans for international expansion27:09The evolution of sustainable marine technology
Mentioned in this episode
Frequently asked questions
What is Genevo Marine building?
Genevo Marine is building the E8, an 8-metre luxury centre console electric day boat. It is designed to be Australia’s first recreational electric boat in this category, targeting the fastest-growing segment of the recreational boat market. The E8 is trailerable and suitable for day cruising, diving, and fishing.
How does an electric boat drivetrain work?
An electric boat drivetrain replaces the internal combustion engine and fuel system with a battery pack, electric motor, and control software. Electric drivetrains have approximately 150 times fewer moving parts than combustion engines, making them simpler and more reliable. Genevo Marine is building a bespoke scalable drivetrain rather than using an off-the-shelf kit, giving them greater flexibility and a potential secondary revenue stream selling the drivetrain independently.
What is the global electric boat market worth?
The global electric recreational boat market is currently worth approximately $7 billion USD and is forecast to grow to $30 billion by 2030. Australia, which has the highest boat usage rate in the world, represents a significant domestic opportunity, particularly in the trailerable 6 to 8-metre centre console segment that Genevo Marine is targeting.
Why did Genevo Marine build its own drivetrain?
Damon and Andrew chose to build a bespoke drivetrain rather than buy a plug-and-play kit for two reasons. First, a custom drivetrain that scales up and down in battery and motor configuration gives more flexibility for different vessel types. Second, they identified a separate commercial opportunity selling the drivetrain to government water authorities and other boat manufacturers, which they are already receiving enquiries about.
Where is Genevo Marine building the E8?
Genevo Marine is building the E8 in the Kumura area of New South Wales, two sheds down from where Andrew Davey completed his boat-building apprenticeship decades earlier. The team has been working with naval architect Misha Movrov, who designed the hull over approximately three years of ongoing iteration as battery technology and component availability evolved.
Topics discussed
Full transcript
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Show full transcript (43 minutes, 5 sections)
00:18 Meet the founders and the elevator pitch
Steve Grace introduced Damon Rahmate and Andrew Davey, noting this episode was unusual because the guests were building something physical rather than software. Damon described Genevo Marine as an electric boat company aiming to build Australia’s first recreational electric luxury day boat, the E8, targeting the 8-metre centre console segment. The electric boat market is worth approximately $7 billion globally and forecast to reach $30 billion by 2030. Australia has the highest boat usage rate in the world, with 85% of Australians living on the coast.
02:30 Andrew’s background: boat builder to electrician
Andrew started his career as a boat-building apprentice at Kumura Zuroe Yachts, working on Wild Oats IX. After developing a sensitivity to boat-building chemicals he retrained as an electrician, working on large properties on the Gold Coast. He later moved into renewable energy, where he and Damon collaborated on one of the first large-scale commercial battery storage projects in Australia. They have operated a successful commercial solar company for over a decade.
06:30 Damon’s background and the idea forming
Damon studied biochemistry, then spent years working on power boats and sailing yachts in the US and Caribbean with his wife. His uncle John Griffin was a well-known boat builder in the Pittwater area. After returning to Australia with a family, he invested in solar and battery storage and met Andrew through a commercial battery project. Five years ago, noticing that battery energy density had crossed the threshold for recreational electric boats, the idea for Genevo Marine began to take shape.
12:30 Designing the E8 and the drivetrain decision
Genevo Marine engaged naval architect Misha Movrov about three years ago to design the E8 hull based on their criteria. They chose to build a bespoke scalable electric drivetrain rather than using an off-the-shelf kit, recognising both quality control advantages and a secondary commercial opportunity selling the drivetrain independently. They have already received interest from Queensland government water authorities and overseas bodies. Component sourcing from the EV supply chain was identified as the hardest part of the build.
23:10 Future plans and international expansion
The founders discussed plans to showcase at international boat shows as a primary route to market, alongside domestic sales in Australia. They outlined how government support for clean marine technology could accelerate adoption, and reflected on how the technology landscape has changed even during the three years of the E8’s development. The drivetrain secondary revenue opportunity via government water authorities provides a commercial pathway that is separate from retail boat sales.
About the host
Steve Grace is the CEO and co-founder of The Nudge Group, a talent and advisory firm working with Australia’s fastest-growing tech and professional services companies. He has spent two decades recruiting and advising executive teams. Give It A Nudge is where he shares unfiltered conversations with founders, operators, and investors building something worth talking about. LinkedIn
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