Americas News
Electric Hydrofoil Ferry Firm Vessev Raises $19 Million for US Expansion
- Vessev raises $19 million in Series A and follow-on funding
- Blackbird Ventures leads the round
- FlyTahoe named first US customer for the VS-9
- Demonstrations planned for New York, Washington, and Lake Tahoe
New Zealand electric hydrofoil developer Vessev has raised $19 million to fund its entry into the US market.
The Series A and follow-on financing was led by Blackbird Ventures, with new investors GD1 and Rypples joining existing backers including K1W1, Icehouse Ventures, Shasta Ventures, and NZVC, the company said in an emailed press release on Thursday.
The Auckland-based firm has named FlyTahoe, which plans a water transit network on Lake Tahoe in California, as its first US customer.
Vessev says the capital will go towards serial production of its VS-9 vessel line, expanding its commercial team, developing larger vessels, and supporting plans to manufacture in the United States.
The VS-9 is a 10-passenger battery-electric vessel with a range of up to 40 nautical miles at full load and 50 nautical miles light, and is already in commercial service in New Zealand.
The company says the vessel's foils adjust to changing conditions up to 100 times a second, and that the design is three times more efficient than a conventional craft.
"This technology unlocks an entirely new era of sustainable water transit, offering a faster alternative to Tahoe's infamous traffic while helping preserve the lake's famous clarity," said Ryan Meinzer, founder and CEO of FlyTahoe.
Vessev will run demonstrations in New York ahead of New York Climate Week, followed by the Washington, D.C. Navy Yard in late September and Lake Tahoe.
FlyTahoe's planned network remains subject to permits and approvals from the Tahoe Regional Planning Agency.
The firm has logged more than 11,000 nautical miles with the vessel type and has projects under way in Northern Ireland, Sydney, and Hobart.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| Americas Average | 962.50 | 8.50 | 1630.50 | 22.50 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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