Seaway has grown despite the deep recession on the European boating market, which the company estimates contracted by 70% since 2008.

Its success is based on the Greenline line of hybrid electric boats, which was launched in 2010 but now already accounts for nearly two-thirds of revenue.

The company has also expanded, leveraging its knowledge of composites to produce tools for the manufacture of wind turbine blades.

This segment now accounts for roughly 10% of revenue, according to Jakopin.

In June the company plans to launch a long delayed R&D centre in the town of Puconci, a EUR 28m project.

Jakopin told the STA it was difficult to undertake such an investment considering the tight financing conditions in Slovenia, which has forced Seaway to borrow from foreign banks.

"Slovenia wants growth but that is impossible without a working financial sector," he said.