An ex-SpaceX engineer is building a commercial electric speedboat called Arc One.The company stated that the boats are designed to travel at speeds of 40 mph and will be sold for $300,000.Apart from its CEO, all employees of Arc worked previously at SpaceX.Ten Things in Tech: Keep up-to-date with the latest tech trends and innovations. Loading Click Sign up to receive marketing emails and other offers from Insider.An ex-SpaceX engineer team is currently building 300,000 electric speedboats commercially.Bloomberg reported that a California startup called Arc has raised $4.25m in seed funding for a 475-horsepower electric boat.Insider was told by Arc that the company plans to sell its first model Arc One by the end the year. Arc stated on its website that the boat, which measures 24 feet in length, can reach speeds of 40 mph and has a 200 kWh battery that should last for between three and five hours.According to Arc's website, you can reserve an Arc electric boat by paying a $1,000 non-refundable deposit.Arc One Boat Arc Boats Interior renderingArc CEO Mitch Lee told Bloomberg that SpaceX is the only Arc employee who does not work for SpaceX.Bloomberg reports that Lee and Ryan Cook, a college friend, founded the startup.According to Cook's LinkedIn profile, Cook worked seven years for SpaceX as an engineer after he left Boeing in 2013.Drawing of Arc Boat's electric speedboat Arc BoatsKevin Wollscheid is Arc's chief manufacturing engineer. He previously worked for SpaceX for six-years, according to his LinkedIn profile.According to their LinkedIn profiles, Audrey Gaither, an Arc mechanical engineer, and Robert Binkowski (Arc's vehicle engineering engineer), both worked as engineers at SpaceX before they moved to the electric boat startup.Arc will be challenged by X Shore, a Swedish startup that started selling electric boats in March at $329,000. Candela, a Swedish company that makes all-electric speedboats, can also fly above the water.