![Vessev officially unveils its VS–9 hydrofoil boat inside and out [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2024/09/Electric-hydrofoil-boat-Vessev-hero.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
Vessev officially unveils its VS–9 hydrofoil boat inside and out [Video]
Just over three months after coming out of stealth mode, young electric hydrofoil boat builder Vessev has shared a closer look at its flagship vessel – the VS–9. Today, the boatbuilder shared fresh images of a completed VS–9 vessel and a detailed video below.
Vessev, formerly known as Seachange, is a young, eco-friendly boat builder founded a few years ago in Auckland, New Zealand. That is where the company currently operates and is conducting sea trials of its flagship vessel, an electric hydrofoil boat called the VS–9.
Designed for commercial operations and tourism, this electric hydrofoil “flies” above the water, offering a quieter and more efficient option in sea travel that will soon be used as a passenger ferry thanks to NetZero Maritime – the green technology team at Fullers360 – New Zealand’s largest ferry operator, who has already signed on to help commercialize the hydrofoil technology.
Vessev may be young, but it is making (smaller) waves above the water with its hydrofoil boat technology, which is finalizing commercial certification.
Vessev showcases first electric hydrofoil boat build
Today, Vessev publicly shared images and footage of its first completed VS–9 electric hydrofoil boat build. Our previous coverage of the vessel included photos of the boat tub only; the one interior shot we had was a rendering.
The images seen above are a genuine look at what the VS–9 will look like when it begins transporting passengers in New Zealand as soon as certification is complete. Per the company, the flagship electric hydrofoil boat has entered the last phase of sea trails before commercial operations begin with Fullers360.
Vessev explained that the VS–9 is stabilized by foiling technology below the waterline using technology derived from the America’s Cup. Those foils enable the boat’s carbon fiber hull to rise 50 cm above the water, clear of waves and wake.
The result is a vessel that is smoother and quieter while still offering plenty of space for passengers. Per Vessev CEO Eric Laakmann:
Traditionally, larger vessels are required to deliver a comfortable passenger experience as they can handle the impact of waves and wake. By flying above the waves, the VS–9 delivers a large vessel experience on an agile platform that can be berthed and charged in nearly any marina.
One way of looking at the impact of this vessel is that our waterways today are like roadways, where the only comfortable mode of transportation are very large multi-passenger buses – i.e. ferries. These large vessels are here to stay, but they will be augmented with point-to-point services delivered by vessels such as the VS–9. It’s like introducing a limo into a world of buses.
Through enhanced comfort and reduced operating costs, the VS–9 platform delivers an entirely new transportation experience that hasn’t truly been viable until today.
Today’s fresh images also give us our first look at the electric hydrofoil boat’s interior, which Vessev says was inspired by private jet travel and premium automotive brands like Rivian. It features quality materials and ergonomic seats and armrests to offer passengers added comfort while they enjoy the views from the panoramic windows. Laaakmann again spoke:
In designing the VS–9 transportation configuration, we knew that we wanted to create something that highlights the unique advantages of this technology. She includes stylish seating for 10 where easy conversation can flow between guests while quietly gliding to their destination. The full standing height cabin also includes wraparound glass with panoramic views of the environment around them. Our goal was to make sure the passengers of the VS–9 are connecting with only two things – those on the journey with them as well as their surroundings. We’ve accomplished exactly that.
With ten passengers aboard, the VS-9 can reach a cruising speed of 25 knots (~29 mph) and has a range of 50 nautical miles (57 miles/92.6km). It can recharge its batteries at any marina plug, but that area has a DC fast charger; the VS–9 can recoup 0.8 nautical miles of range per minute.
Vessev hopes it can open up new opportunities for sustainable marine travel in the transport and tourism industries. Looking ahead, the company is already working on a larger vessel called the VS-18 that can transport up to 100 passengers. While we await the arrival of both electric hydrofoil boats, here’s an up-close look at the VS–9, posted by Vessev today:
EV charging veteran ChargePoint has unveiled its new charger product architecture, which is described as a “generational leap in AC Level 2 charging.” The new ChargePoint technology designed for consumers in North America and Europe will enable vehicle-to-everything (V2X) capabilities and the ability to charge your EV in as quickly as four hours.
ChargePoint is not only a seasoned contributor to EV infrastructure but has established itself as an innovative leader in the growing segment. In recent years, it has expanded and implemented new technologies to help simplify the overall process for its customers. In 2024, the network reached one million global charging ports and has added exciting features to support those stations.
Last summer, the network introduced a new “Omni Port,” combining multiple charging plugs into one port. It ensures EV drivers of nearly any make and model can charge at any ChargePoint space. The company also began implementing AI to bolster dependability within its charging network by identifying issues more quickly, improving uptime, and thus delivering better charging network reliability.
As we’ve pointed out, ChargePoint continues to utilize its resources to develop and implement innovative solutions to genuine problems many EV drivers face regularly, such as vandalism and theft. We’ve also seen ChargePoint implement new charger technology to make the process more affordable for fleets.
Today, ChargePoint has introduced a new charger architecture that promises to bring advanced features and higher charging rates to all its customers across residential, commercial, and fleet applications.
ChargePoint unveils maximum speed V2X charger tech
This morning, ChargePoint unveiled its next generation of EV charger architecture, complete with bidirectional capabilities and speeds up to double those of most current AC Level 2 chargers.
As mentioned above, this new architecture will serve as the backbone of new ChargePoint chargers across all segments, including residential, commercial, and fleet customers. Hossein Kazemi, chief technical officer of hardware at ChargePoint, elaborated:
ChargePoint’s next generation of EV chargers will be revolutionary, not evolutionary. The architecture underpinning them enables highly anticipated technologies which will deliver a significantly better experience for station owners and the EV drivers who charge with them.
The new ChargePoint chargers will feature V2X capabilities, enabling residential and commercial customers to use EVs to power homes and buildings with the opportunity to send excess energy back to the local grid. Dynamic load balancing can automatically boost charging speeds when power is not required at other parts of the connected building structure, enabling efficiency and faster recharge rates.
ChargePoint shared that its new charger architecture can achieve the fastest possible speed for AC current (80 amps/19.2 kW), charging the average EV from 0 to 100% in just four hours. That’s nearly double the current AC Level 2 standard (no pun intended).
Other features include smart home capabilities where residential or commercial owners can implement the charger within a more extensive energy storage system, including solar panels, power banks, and smart energy management systems. The new architecture also enables series-wiring capabilities, meaning fleet depots, multi-unit dwellings, or even residential homes with multiple EVs can maximize charging rates without upgrading their wiring configuration or energy service plan.
These new chargers will also feature ChargePoint’s Omni Port technology, enabling a wider range of compatibility across all EV makes and models. According to ChargePoint, this new architecture complies with MID and Eichrecht regulations in Europe and ENERGY STAR in the US.
The first charger models on the platform are expected to hit Europe this summer followed by North
America by the end of 2025.
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Environment
Tanking oil prices could more than double Saudi Arabia’s deficit to $75 billion and threaten spending plans: Goldman Sachs economist
Riyadh, Saudi Arabia.
Johnnygreig | E+ | Getty Images
Crashing oil prices triggered by waning demand, global trade war fears and growing crude supply could more than double Saudi Arabia’s budget deficit, a Goldman Sachs economist warned.
The bank’s outlook spotlighted the pressure on the kingdom to make changes to its mammoth spending plans and fiscal measures.
“The deficits on the fiscal side that we’re likely to see in the GCC [Gulf Cooperation Council] countries, especially big countries like Saudi Arabia, are going to be pretty significant,” Farouk Soussa, Middle East and North Africa economist at Goldman Sachs, told CNBC’s Access Middle East on Wednesday.
Spending by the kingdom has ballooned due to Vision 2030, a sweeping campaign to transform the Saudi economy and diversify its revenue streams away from hydrocarbons. A centerpiece of the project is Neom, an as-yet sparsely populated mega-region in the desert roughly the size of Massachusetts.
Plans for Neom include hyper-futuristic developments that altogether have been estimated to cost as much as $1.5 trillion. The kingdom is also hosting the 2034 World Cup and the 2030 World Expo, both infamously costly endeavors.
Digital render of NEOM’s The Line project in Saudi Arabia
The Line, NEOM
Saudi Arabia needs oil at more than $90 a barrel to balance its budget, the International Monetary Fund estimates. Goldman Sachs this week lowered its year-end 2025 oil price forecast to $62 a barrel for Brent crude, down from a previous forecast of $69 — a figure that the bank’s economists say could more than double Saudi Arabia’s 2024 budget deficit of $30.8 billion.
“In Saudi Arabia, we estimate that we’re probably going to see the deficit go up from around $30 to $35 billion to around $70 to $75 billion, if oil prices stayed around $62 this year,” Soussa said.
“That means more borrowing, probably means more cutbacks on expenditure, it probably means more selling of assets, all of the above, and this is going to have an impact both on domestic financial conditions and potentially even international.”
Financing that level of deficit in international markets “is going to be challenging” given the shakiness of international markets right now, he added, and likely means Riyadh will need to look at other options to bridge their funding gap.
The kingdom still has significant headroom to borrow; their debt-to-GDP ratio as of December 2024 is just under 30%. In comparison, the U.S. and France’s debt-to-GDP ratios of 124% and 110.6%, respectively. But $75 billion in debt issuance would be difficult for the market to absorb, Soussa noted.
“That debt to GDP ratio, while comforting, doesn’t mean that the Saudis can issue as much debt as they like … they do have to look at other remedies,” he said, adding that those remedies include cutting back on capital expenditure, raising taxes, or selling more of their domestic assets — like state-owned companies Saudi Aramco and Sabic. Several Neom projects may end up on the chopping block, regional economists predict.
Saudi Arabia has an A/A-1 credit rating with a positive outlook from S&P Global Ratings and an A+ rating with a stable outlook from Fitch. That combined with high foreign currency reserves — $410.2 billion as of January, according to CEIC data — puts the kingdom in a comfortable place to manage a deficit.
The kingdom has also rolled out a series of reforms to boost and de-risk foreign investment and diversify revenue streams, which S&P Global said in September “will continue to improve Saudi Arabia’s economic resilience and wealth.”
“So the Saudis have lots of options, the mix of all of these is very difficult to pre-judge, but certainly we’re not looking at some sort of crisis,” Soussa said. “It’s just a question of which options they go for in order to deal with the challenges that they’re facing.”
Global benchmark Brent crude was trading at $63.58 per barrel on Thursday at 9:30 a.m. in London, down roughly 14% year-to-date.
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