Correct Craft plans to form a new subsidiary called Watershed Innovations. The company said in a statement that it will work to “identify, evaluate and implement exponential technologies” for Correct Craft and its subsidiaries.

Correct Craft CEO Bill Yeargin said that the company will make a significant investment in the new subsidiary. “Watershed Innovations will leverage cross pollination by bringing together talented members from across our Correct Craft companies to find innovative solutions to complex challenges that will change the marine industry,” Yeargin said in the statement.

“The Watershed Innovations teams, along with external resources from universities and research centers, will be pursuing sustaining and disruptive technologies for our products, processes and facilities.”