BUSINESS NEWS - Swiss investor acquires stake in Cresta

Swiss company Silicon Fire AG has taken a “significant and strategic stake” in Australian boatbuilder Cresta Motor Yachts Limited, IBI Magazine reports.

The two companies, said IBI, will work together to develop a series of motoryachts employing carbon neutral, silicon-based methanol-powered engines.

The vessels will be launched as early as next year and will be manufactured in addition to Cresta's current range of diesel motoryachts up to 21m (70ft).

Established in 1965, Cresta has a distribution network covering Europe, the Middle East, Asia, the US, India, Australia and New Zealand.

Based in Switzerland, Silicon Fire AG develops and manufactures chemical processes that promote environmentally friendly alternatives.