New Zealand’s largest marine engines company is hoping to become the first to produce a fully marine-based engine on a large scale.
The company, Ocean Engineering, said Wednesday it will begin building the world’s largest engine for the commercial marine market in the southern Indian Ocean.
The engine is expected to be delivered by early 2019, and the first of about 3,000 engines is expected in the first quarter of 2020, the company said in a news release.
Ocean Engineering is developing the engine to compete with engines produced by other companies that produce marine diesel engines.
The goal is to produce marine engines with a lower cost and higher efficiency than the diesel engines used on ship-based commercial vessels.
The engines would be a cheaper alternative to diesel engines in the ocean, and would be less costly to operate.
Ocean Engineering has spent the past year developing the Ocean Engine and Marine Engine II engines for the shipping market.
The two engines are built on the same manufacturing platform and are part of a $1 billion deal that also includes a $500 million loan from the Federal Reserve.
Ocean Engine is also building a $250 million marine engine for use on the world-class ocean vessel Ocean Infinity.
Ocean Engine’s engines are designed to produce about 7 million horsepower and 30,000 pounds of thrust, according to Ocean Engineering.
The engine will be mounted on the side of the vessel and has a 1.8-magnitude engine speed limit.
The new engine will provide the engine manufacturers with a high-power, low-cost engine that can run on water or on land.
It is also expected to save fuel and carbon emissions, the National Geographic article said.
“This will be the first marine engine to be made entirely of materials that are made in the sea, as opposed to being made in one of the large diesel plants that have been built,” Ocean Engineering President and CEO Peter MacKay said in the news release, adding that the engine will also reduce fuel consumption and improve performance.
MacKay said that because the Ocean Engineering engine will operate on the water, it will also be able to operate on land if necessary.
The project is expected cost about $5 million, the release said.
The Marine Engine is expected for delivery by the end of 2019.
Ocean Engineers has a fleet of about 70 marine engines for a range of vessels.
Most of its engines are used on ships and are primarily for oil and gas exploration.
The Ocean Engine II will be a more advanced version that can also run on land, MacKay added.
The company is also developing a diesel engine, the Ocean Jet, for use in the ship-to-shore oil and natural gas exploration industry.