Cannes 2023: Sanlorenzo Reveals Target for Net-Zero Emissions

Italian boatbuilder Sanlorenzo has outlined its ambition to achieve net-zero emissions by 2040, during the group’s annual press conference on the first day of the Cannes Yachting Festival 2023.

Addressing gathered media, Sanlorezo’s CEO, Massimo Perotti, revealed details of the plans during a wide-ranging presentation that culminated in the premiere of two new yacht models: the Sanlorenzo SX100 and Bluegame BGM75.

Perotti kicked off by talking through the group’s financial results for H1 2023. 

“I am incredibly proud to present excellent results, achieved thanks to the commitment and passion of all the teams that constitute Sanlorenzo, to whom I would like to extend my special thanks,” Perotti said.

Having closed with revenues from the sale of new yachts amounting to €388.4m, up 12.6 per cent compared to the first half of 2022, the group now boasts a gross operating margin of €67.7m (up 20.3 per cent) and a net profit of €39m (up 20.3 per cent).

Perotti adds: “We are revising upwards the guidance on the results expected for the current year, on the strength of a very satisfying first half of the year and a massive order backlog, on 30 June exceeding €1.4bn, but above all of high quality, because 90 per cent of it is guaranteed by contracts signed with end clients.

“This performance is the result of our business model, which has proven to be absolutely reliable over the years, and which provides us with reassurance for the years to come, along the path that will see us pioneer the sector towards carbon neutrality, a central priority in our route to 2030.”

Sanlorenzo has focused on research and development in recent years in pursuit of developing innovative technology that will help improve the eco-credentials of the industry.

Perotti confirmed the shipyard has signed several strategic cooperation agreements with the world’s leading energy and E-fuel players, including an exclusive agreement signed in 2021 with Siemens Energy for the integration of a fuel cell system capable of transforming green methanol into hydrogen and subsequently into energy.

This solution will debut on the new 50Steel line, a superyacht whose first unit will be delivered in the summer of 2024.

The methanol fuel cell system on the 50Steel will allow the vessel to generate electricity for the ‘hotel load’, with engines and generators switched off, significantly extending the time spent at anchor and manoeuvring without consuming diesel fuel.

Another exclusive agreement has been signed between Sanlorenzo and Rolls-Royce’s Power Systems business unit, through its mtu brand of products and solutions, for the installation of hydrogen propulsion systems made from green methanol. Perotti explained these solutions will be combined with fuel cells supplied by Siemens Energy and will initially be installed on a Sanlorenzo superyacht prototype.

Bluegame, a Sanlorenzo Group brand, is engaged in the design and construction of the BGH HSV (Hydrogen Support Vessel), billed as the first “chase boat” with hydrogen propulsion and the use of foils to reach a speed of 50 knots and zero emissions. The BGH HSV — which is on display at Cannes this week — will “fly” alongside the New York Yacht Club’s American Magic, challenger in the 37th edition of the America’s Cup in 2024.

Building on the experience of the BGH HSV project, Perotti revealed the BGM65HH (hydrogen-hybrid) multihull project is currently taking shape and is scheduled to be launched in 2026. The vessel will allow sailing with zero emissions for up to 80 miles.

Among other news announced by the shipyard at the press conference was the establishment of ‘Sanlorenzo Côte d’Azur SAS’, for the distribution of the group’s products and services in the Côte d’Azur, a key market for the yachting industry.

Finally, Sanlorenzo unveiled the new SX100 and BGM75 models in front of the Majestic Barrière beach. Bluegame’s new BGM75 is the Sanlorenzo group’s first multihull. The brand describes the vessel not as a ‘catamaran’ but as a luxury yacht that ‘incidentally has two hulls’.

Part of Sanlorenzo’s SX range, the SX100 is a crossover yacht with generously proporationed open spaces in close proximity to the sea.

Other Bluegame models on display at Cannes include the BG42, BG54 and the new BG74 and BGX63 models, an evolution of the BG72 and BGX60.

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