Pyxis, a maritime electrification startup headquartered in Singapore, has raised SGD 4.5 million (US$3.35m) in its seed funding round co-led by maritime innovation focused fund Motion Ventures and impact fund Shift4Good.
The oversubscribed round also saw participation from Enterprise Singapore’s investment arm Seeds Capital, along with MarImpact, an equity investment platform by Transport Capital focused on low to zero emission vessels, ShipsFocus, a maritime technology venture fund, strategic marine operators and local firms including Tian San Shipping, Kim Ann Investments and LCC Resources, Pyxis said in a statement on last Thursday.
Pyxis said it will leverage the fresh funds to accelerate the development of its electrification technology and scale up production for its various lines of electric harbour crafts.
Pyxis is a maritime electrification technology start-up with a mission to create a sustainable, greener maritime future. The firm was founded in 2022 by Tommy Phun, who is also a Director at local marine services provider and vessel owner-operator Eng Hup Shipping, with a decade of experience in the maritime industry. It aims to ease mass commercialization and adoption of electric coastal vessels by offering a one-stop, streamlined solution for existing maritime vessel owners to decarbonize their fleets comprehensively without high upfront costs.
It is noted that the Maritime and Port Authority of Singapore (MPA) has mandated that all new harbour crafts operating in Singapore from 2030 will have to be fully electric, run on biofuels or be compatible with net zero fuels such as hydrogen.
All harbour crafts are required to achieve net-zero emissions by 2050.
“Pyxis is an answer to the global pivot to a greener and more sustainable maritime,” said Phun, Pyxis Chief Executive. “We are on a rapid growth trajectory and the funds will assist us in achieving our net-zero goals ahead of the timeline. Our immediate focus will be to scale up production to fulfill our pipeline of order books,” he added.
Sebastien Guillaud, Co-Founder and General Partner at Shift4Good, said they are excited to confirm Shift4Good’s investment in Pyxis and looking forward to supporting the growth of the company in the coming years. “Coastal vessels are very strong candidates for electrification since the range limitations of electric batteries are less of a concern. In Singapore alone, there are about 1,200 coastal vessels that could become electric by 2030. The market opportunity is huge, and we can’t wait to see the launch of the first vessel in Singapore very soon,” he added.
Meanwhile, Shaun Hon, Founder and General Partner of Motion Ventures, said that Motion Ventures is thrilled to support Pyxis in their shared ambition towards maritime electrification, leveraging strong partnerships and backing from Shift4Good, Mitsui O.S.K Lines, Seeds Capital, and more. “This collective effort marks a significant step towards a more sustainable and innovative maritime industry,” he added.
In November last year, Pyxis announced a collaboration with Japanese shipping company Mitsui O.S.K Lines (MOL) to develop and market electric vessels in Singapore and Japan.