Founded by wealthy Italian businessman Luca Bassani in 1994, Wally started out primarily as a sail boat design firm and have more recently branched out into designing cutting edge motor yachts, one of the most noteworthy to date of these power boats is the 118 WallyPower. Wally’s sailboats and motor yachts range from the recently introduced Nano 11-metre day sailer/racer through the 24-metre range, and often exceed 30 to 60 metres in length.
Wally is considered  to be one of the premier yacht builders, noted for its unique blend of stylish, sleek, minimalist design, power and comfort. Celebrities owning a Wally include Gianni Agnelli, Juan Carlos I of Spain, Marco Tronchetti Provera, and Lindsay Owen-Jones.
A WallyPower yacht was featured in a 2004 Top Gear UK TV episode.
The price of the 118 Wallypower is US$33 million for the triple gas turbine version, or $22 million for twin diesels. It has a range of 1,500 nautical miles (2,800 km) at 9 knots (17 km/h), or 300 nautical miles (560 km) at 60 knots (110 km/h). Fuel capacity is 22,000 liters (5800 US gallons). At the maximum speed of 60 knots (110 km/h) the gas turbine uses 15 US gallons / 58 liters of fuel per nautical mile, 900 gallons / 3500 liters per hour. The boat displaces 95 tons and can accommodate 6 guests and 6 crew. The only problem for the company is that they have a very small window of customers that are eligible to buy such a yacht mainly because the price is out of most peoples range.
The 118 WallyPower won the MYDA, Millennium Yacht Design Award, organised by Seatec (the yachting and shipping technology show of Carrarafiere) for the “Layout of the Third Millennium.” It was the sole boat in the San Francisco Museum of Modern Art architecture and design exhibition (2004/5), ‘Glamour: Fabricating Affluence’.