It is the NOR STAR 'OSPREY'.
The boat should plane in its current state, though properly designed spray rails will assist this. I suspect the boat either has:
1 - too little power
2 - too much weight
Small boats are harder to get to plane than larger boats, because the weight of the batteries starts to become a larger proportion of the boat. You need to build for lightness - shifting battery position, for instance, would be much better than adding more ballast! What kind of battery are you using - weight and voltage? You could try a lightweight NiMh, or even a Lipo.
Another issue which is less well appreciated is the propeller. It is surprising what difference changing this can cause. Often too large a propeller is used, which slows the motor down a lot and wastes power in drag. You might try a smaller propeller and see if that helps....