Lough Swilly lifeboat station is the first in Ireland to get the brand new Shannon Class lifeboat.
The 2.4m euros (Â£1.8m) boat was built in England and is the smallest, fastest and lightest in the RNLI fleet.
The boat was designed by Peter Eyre from Londonderry who was rescued by a Lough Swilly lifeboat when he was 14.
Lough Swilly lifeboat operations manager John McCarter said it was an amazing new addition.
"It is probably the most advanced lifeboat that has entered the lifeboat fleet. It is absolutely new and fully up to date oat that has immense capabilities and we're the first station in Ireland to receive one.
"Indeed it's the first class of lifeboat to be named after an Irish river so it's a double first. It's an amazing bit of kit, we've had crews on it bringing it home and they are really over the moon on the capabilities the boat has and what an upgrade it will bring to the service here out of Lough Swilly.
"Peter cut his teeth sailing in Lough Swilly and got the bug for the water and has done a lot of good work within the RNLI and is pretty much the chief designer of this Shannon class boat and we're delighted that that is also a great connection to Lough Swilly, Derry and the north west."
Peter Eyre who is now an RNLI naval architect based in Poole, in England was instrumental in the development of the new lifeboat.
Mr Eyre attended Foyle and Londonderry College before studying ship science at the University of Southampton. He began designing the hull form at the age of 24 in his spare time.
He said his own experience with the RNLI as a teenager was the inspiration for the boat.
"It was quite a stormy day on the Swilly and we were out sailing in our family yacht and lost the mast because of the strong winds and the Swilly crew came out to us and brought us to safety so that was my first foray with the RNLI.
"This boat is much quicker than the one it replaces, it does 25 knots. Time is of essence for most of these rescues and it's also much safer for the crews especially in rough weather.
"We would share a lot of the same base of suppliers with formula one so it's quite similar in the design approach using all the cutting edge technology available. I'm incredibly proud."

Kayley Asher, 25, was attacked by Allitt while being treated at Grantham Hospital as a baby.
She received £11,500 compensation but social security officials say she failed to notify them of this and must return benefits she has received.
Her parents, Alan and Sharon, say they have "no intention" of giving the money back and are prepared to go to prison.
Miss Asher, from Grantham, received an Employment and Support Allowance (ESA) for five years because she is unable to work and also a £120-a-week disability allowance.
Her parents said they used that money for her day-to-day care and were given the £11,500 in compensation when she turned 18.
However, the Department for Work and Pensions (DWP) says she failed to declare the payout when applying for the ESA, which is a means-tested benefit.
"We have never hidden the fact that Kayley had this money," said Mr Asher.
"We always believed that compensation was for her future. It was awarded because she needs special care."
Allitt was given 13 life sentences in 1993 for murdering four children and attacking nine others while working as a nurse at Grantham Hospital.
It is believed she injected 13-month-old Miss Asher with air under her armpit, causing her to have two heart attacks.
"The murderer had a go at her once and now the DWP are causing Kayley pain. It is totally wrong," said Mr Asher.
"We have no idea what the future holds for us.
"With a sum of money her future is secured if anything happens to her mum and I."
He said they intended to appeal against the DWP's decision and would risk going to jail.
A spokeswoman for the DWP said: "It is essential that claimants declare their income and savings accurately. This is to ensure that support is targeted at the people that need it most."
She said other non-means tested benefits were available to Miss Asher.
A new RNLI lifeboat designed by a man who was saved by the service as a teenager has arrived in County Donegal.
[NEXT_CONCEPT]
A woman left brain damaged by killer nurse Beverley Allitt has been ordered to pay back £23,000 in benefits.