Italian shipbuilding company Fincantieri has confirmed its financial commitment to deep-tech company WSense to bolster its underwater communication technology strategy.
This investment marks an additional component of Fincantieri’s strategy to enhance its capabilities in underwater operations, particularly for uses that serve both civilian and military purposes.
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The financial arrangement includes an initial convertible loan of €2.5m ($2.84m), with provisions allowing for an increase in the investment by another €2.5m if desired.
The conversion of this loan into company shares will depend on certain conditions that are standard for such financial agreements.
The finalisation of Fincantieri’s stake in WSense is contingent upon meeting agreed-upon stipulations and securing all necessary regulatory approvals.
Fincantieri CEO and general manager Pierroberto Folgiero said: “This investment is another step forward in our innovation and digitalisation strategy. The WSense technologies open up new possibilities for the monitoring and security of maritime infrastructures and act as key enablers for the advancement of the entire underwater domain.
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By GlobalData“With this transaction, we are confirming our commitment to investing in pioneering solutions that can define the future of shipbuilding and underwater defence, while simultaneously supporting the growth of an Italian centre of excellence and reinforcing Fincantieri’s leading role in our country’s industrial landscape.”
The partnership between Fincantieri and WSense, initiated with a memorandum of understanding signed on 21 December 2023, has already yielded positive outcomes, including winning three bids from the Italian National Center for the Underwater Domain.
These initiatives focus on creating and deploying sophisticated underwater communication technologies, leveraging the combined expertise of both firms.
Furthermore, Fincantieri and WSense are actively pursuing participation in additional tenders at both Italian and European levels aimed at fostering innovation within the underwater realm and are collaborating on joint commercial offerings.
WSense CEO Chiara Petrioli said: “Fincantieri’s entry into WSense’s capital represents a significant acknowledgment of the technological and strategic value of our solutions in the field of underwater communication.
“This transaction enables us to accelerate our industrial and commercial growth, reinforcing WSense’s position as a key player in a sector that is crucial for the country’s security, sustainability, and competitiveness.”
Last month, Fincantieri recorded a net profit of €27m for the financial year 2024, a recovery from the €53m net loss recorded in the previous year, surpassing its Business Plan projections by one year.
The company witnessed a 6.2% revenue increase, rising from €7.65bn in 2023 to €8.12bn in 2024.
This growth was particularly notable in the ‘Offshore and Special Vessels’ and ‘Systems, Components and Infrastructure’ segments, which saw increases of 28% and 36%, respectively.
