Pascal Technologies, the Norwegian electric boat technology start-up, has secured 4.5 MNOK (approx $0.5M) in equity through an extension fundraising round. This is a continuation of the successful investment round of 53 MNOK (approx $5M) in equity closed earlier in Q1, led by Ocean Zero. The additional funds will be used to accelerate the launch of Pascal’s first commercial vessels.
The extension round included Grieg Edge and venture capital firm Katapult Ocean. Both companies are focusing on investments in sustainable maritime solutions, aligning with Pascal Technologies’ commitment to accelerate the transition to zero-emission boats.
“Innovative solutions to reduce energy consumption will be a vital part of the green shift in the maritime industry – and we want to be active in bringing those solutions to the markets. Pascal Technologies possesses exciting technology that aligns with this perspective, and their strong team and reliable partners further bolster their position,” says Head of Ocean Ventures in Grieg Edge, Kjerstin Hernes.
Pascal Technologies’ innovation is energy-efficient hull technology which enables long-range electric boats. Over the past year, Pascal has formed strategic partnerships with some of the most recognized brands in the leisure boats and workboats sectors in the Nordics. Collaborating with Frydenbø Marine on leisure boats and with Moen Marin and Nimbus Group on commercial vessels has solidified Pascal’s position as a catalyst in the sustainable maritime industry.
Ross Brooks, General Partner at Katapult Ocean, says: “Marine transport decarbonization is accelerating, with leaps in efficiency within reach through combining new forms of propulsion with enabling technologies such as that offered by Pascal Technologies. Pascal’s system offers significant range extension for vessels while maintaining safety and maneuverability, improving the economics and adoption rate for low emission propulsion. We are excited to join a great team and shareholder group to enable a green revolution on water!”
The first commercial vessel is already under production. Up until now, the operating range for electric boats has hindered their viability as a commercial alternative to fossil fueled vessels. By combining electric propulsion with new hull technology, Pascal offers a significantly more attractive alternative and works to introduce zero emission vessels to new segments.
“We are thrilled to welcome two new strong investors to the company, bringing with them valuable competence, network, and industry experience for both boating and shipping.” Carl Rehn, CEO at Pascal Technologies.
