The series was officially founded as Powerboat P1 World Championship in May 2003 in Nettuno, Italy. Twelve boats, the majority of which were Italian, raced in the first-ever Grand Prix of the Sea. Starting out with 15-year-old aluminum boats, Powerboat P1 boats evolved dramatically through the decade to the point where the mono-hull twin-engine boats were kicking out around 1800 hp. During the Powerboat P1 World Championship era, which spanned 2003 to 2009, there was 40% more horsepower on a P1 starting grid than Formula 1.