SWITCH Maritime Secures $10 Million in Series A Funding for Expansion of Zero-Emissions Fleet

SWITCH Maritime Secures $10 Million Investment to Propel the Expansion of Hydrogen-Powered Fleet, Paving the Way for Sustainable Maritime Solutions

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In a significant development for the maritime industry’s pursuit of sustainability, SWITCH Maritime, a US-based zero-emissions ferry company, has successfully raised $10 million in a Series A funding round. This financial infusion, spearheaded by Nexus Development Capital, is earmarked for the expansion of SWITCH’s hydrogen and battery-powered fleet within the United States.

SWITCH Maritime is strategically directing its resources towards the development of larger vessels to augment its existing fleet. The funding round comes at a pivotal moment as the company concludes the intricate development phase of its flagship vessel, the Sea Change ferry, boasting a capacity of 75 passengers and powered by state-of-the-art hydrogen fuel cells.

Pace Ralli, the CEO of SWITCH, emphasized the challenges inherent in navigating the swiftly evolving technological and regulatory landscape within the maritime sector. Ralli expressed enthusiasm about contributing to a smoother transition, stating, “At SWITCH, we’re excited to help make that transition easier, achieving important emissions reductions along the way.”

The funding injection will be instrumental in facilitating SWITCH’s fleet growth, with a particular focus on the deployment of its hydrogen and battery-powered vessels. SWITCH Maritime is aligning its operations with the broader industry trend towards zero-emissions solutions, driven by the imperative to meet net-zero goals through innovative technologies and the electrification of fleets, in addition to the development of novel vessels.

Post-funding, SWITCH has revealed plans for additional expansion designs catering to a range of passenger ferries. Notably, the company is concentrating efforts on vessels accommodating 150, 300, and 450 passengers. Emphasizing flexibility, SWITCH will offer leasing options for its zero-emissions ferries, encompassing both short and long-term arrangements.

SWITCH Maritime’s successful funding round underscores the growing momentum within the maritime sector towards sustainable practices, as companies actively embrace new technologies and green alternatives to achieve environmental objectives.

Image Credit : SWITCH Maritime.

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