California, USA-based company developing hydrogen fuel cell and battery electric zero-carbon ferries, Switch Maritime, raised USD 10 million in Series A funding. The round took place on November 16, 2023. Nexus Development Capital led the financing for the company. Nexusalso announced a second capital raise, bringing total managed capital to USD 50 million.
Purpose of investment for Switch Maritime and Nexus Development Capital
Nexus Development Capital has plans to fund growth infusion to continue providing small-check investments to sustainable infrastructure solutions. It seeks to bridge the gap between project concept and implementation.
As a part of the deal, Nexus Development Capital’s investment in SWITCH Maritime will prove the Sea Change’s functionality. It further enables SWITCH to expand its fleet and replicate the technology throughout the broader United States.
What the Switch Maritime official has to add
Pace Ralli, CEO of SWITCH Maritime, said, “The maritime industry is one of the hardest to decarbonize sectors, but there are viable technologies and business models that can be deployed today to start transitioning fleets. After nearly a decade of searching for the right capital partner to support our early-stage risk profile and high capital needs of project development, we’re thankful to have found Nexus Development Capital. As a mission-based fund with a clear, long-term view on the future of the low-carbon economy, they have provided us with a critical starting block to prove our business model and grow into an entirely new carbon-‘net-zero’ market for the maritime industry.”
What the investors have to comment
Ashlynn Horras, Senior Vice President of Nexus Development Capital, further said, “SWITCH Maritime’s first vessel, Sea Change, addresses a critical market gap in reaching zero emissions for the maritime industry and provides a much-needed early demand signal in the new hydrogen economy. Our team is focused on providing roadmaps for deploying and scaling rising low-carbon sectors, like hydrogen, as well as additional emerging solutions, including waste-to-energy and biofuels.”
In addition, Josh Kaufman, CEO of Nexus Development Capital, said, “Nexus Development Capital commits to helping teams develop projects with low-carbon technologies. We seek to prove that their platforms can meet the risk appetite of institutional infrastructure investors. This new capital infusion allows us to help companies like SWITCH achieve the scale required to make material environmental impacts.”
About the company
SWITCH Maritime LLC (“SWITCH”) is focused on enabling private and public municipal ferry operators to more easily transition away from their carbon-intensive diesel-powered fleets. Meanwhile, it also seeks to reduce operating and fueling costs over the lifetime of their vessels.
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