Singapore-based maritime electrification startup Pyxis has raised S$4.5 million ($3.35 million) in a seed funding round co-led by maritime innovation-focused fund Motion Ventures and impact fund Shift4Good.
The oversubscribed round was joined by Enterprise Singapore’s investment arm Seeds Capital, as well as Transport Capital’s equity investment platform, Marimpact, which focuses on low-to-zero emission vessels, and maritime technology venture fund Ships. Local companies such as Focus, Strategic Marine Operator and Tensan also participated. Kaiun, Kim An Investments, LCC Resources and Pixis said in a statement last Thursday.
Pixis said it will use the new funding to accelerate the development of electrification technology and expand production of its various lines of electric port vessels.
Pyxis is a marine electrification technology startup with a mission to create a sustainable and green ocean future.
The company was founded in 2022 by Tommy Phun, a local marine service provider and director of ship owner and operator Eng Hup Shipping, who has 10 years of experience in the maritime industry.
Drive the mass commercialization and adoption of electric domestic vessels by providing existing shipping vessel owners with a one-stop, streamlined solution to comprehensively decarbonize their vessels without high upfront costs. It is intended to make it easier.
The Maritime and Port Authority of Singapore (MPA) has announced that all new port vessels operating in Singapore from 2030 onwards must be fully electric, run on biofuels or be capable of net-zero fuels such as hydrogen. Please note that this is mandatory.
All port vessels are required to achieve net-zero emissions by 2050.
“Pyxis is the answer to the global shift towards greener and more sustainable oceans,” said Phun, CEO of Pyxis.
“We are on a rapid growth trajectory and the funding will help us reach our net zero target ahead of schedule.
“Our immediate focus is to scale up production to meet our order book pipeline,” he added.
Sébastien Guillaud, co-founder and general partner of Shift4Good, said he is excited to confirm Shift4Good’s investment in Pyxis and looks forward to supporting the company’s growth over the next few years.
“Domestic vessels are very strong candidates for electrification as battery range limitations are less of a concern.
“In Singapore alone, there are approximately 1,200 domestic vessels that will be electrified by 2030. The market opportunity is huge and we can’t wait for Singapore’s first vessels to be launched soon,” he added. .
Meanwhile, Motion Ventures Founder and General Partner Shaun Hon said Motion Ventures is excited to support Pyxis in their shared maritime ambitions.
We will leverage strong partnerships and support from Shift4Good, Mitsui O.S.K. Lines, Seeds Capital and others to drive electrification.
“This joint effort marks an important step towards a more sustainable and innovative maritime industry,” he added.
Last November, Pixis announced a partnership with Japanese shipping company Mitsui O.S.K. Lines (MOL) to develop and sell electric ships in Singapore and Japan.
Earlier this month, Pyxis, along with SP Mobility, a subsidiary of utility giant SP Group, was selected by the Maritime and Port Authority of Singapore (MPA) to pilot a ship charging concept at Marina South Pier.
Pyxis noted that the data collected will contribute to the development of the national electric port vessel (e-HC) charging infrastructure master plan, implementation plan, and national standards for e-HC charging infrastructure.
Singapore’s Studio 30 50 launches open call for startups to accelerate commercial viability at sea