New Zealand marine company Vessev has secured $A27 million in financing to help it scale production of its electric hydrofoiling vessels, with Australia quickly cementing itself as a promising market for the technology.
Vessev – founded in 2017 and headquartered in Auckland – has designed and built what it believes is the most durable and efficient electric hydrofoiling technology “in the world”, launching the VS-9 in 2024 with a cruise range of 40 nautical miles at 25 knots, and more recently another model called the VS-12.
Since then, Vessev has racked up numerous investors and partners, delivered commercial vessels into service, and signed plans to deliver multiple VS-9 and the newer VS-12 to customers in Sydney, Perth, and Tasmania, as well as its first US customer.
It already has agreements to deliver multiple VS-12 vessels for a future water transport network on Sydney Harbour, as well as orders for V-9 vessels for a ferry network operating on the Swan River.
And it says Tasmanian newcomer Fly Derwent recently doubled its reservations to ten vessels. Fly Derwent and Vessev announced their first partnership back in April.
Vessev co-founder and CEO Eric Laakmann says Australia has quickly become one of the most exciting markets for electric hydrofoiling.
“Australia currently has more planned electric hydrofoiling transport networks than any other country,” said Laakmann, a former Apple lead engineer who helped deliver the world’s first Apple Watch.
“Its cities are built around waterways that are still underused as transport corridors and we’re seeing strong demand for a new kind of water transport that is quiet, efficient, sustainable and commercially practical. This funding allows us to scale production and continue building the vessels and technology needed to get there faster.”
Vessev also named FlyTahoe, an emerging sustainable water transit network operator in Lake Tahoe, California, as its first US customer. Vessev will undertake a series of US demonstrations this year.
Vessev says it has $US19 million ($A27 million) in Series A and follow-on financing from a group of new and old investors, led by Blackbird Ventures.
The newly raised capital will be used to accelerate production of Vessev’s VS–9 and VS–12 vessels as well as help to expand the company’s global market team and advance development of its onboard software and telemetry platform.
“We’ve seen a huge amount of local and global support since launching Fly Derwent earlier this year, so we’re doubling down,” said Cameron McCulloch, principal of Fly Derwent.
“The applications for these vessels keep growing as we look to connect more communities and support tourism across the state. We want to position Tasmania as a global leader in low-impact transport, built on its renewable energy advantage.
“We’re currently raising additional capital, with interest from investors, communities, developers and businesses who all see ways to build Fly Derwent into their broader plans.”
