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Tuesday, February 27, 2024

Norwegian startup Pascal Technologies raises €4.6M to continue developing long-range electric boats

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Oslo-based startup Pascal Technologies, formerly SES-X Marine Technologies, has collected €4.6 million (53MNOK) in a funding round from new investors along with the existing ones. The lead investor was Ocean Zero, led by TED curator Chris Anderson and technology editor Stephen Petranek. The startup enables vessels to glide on a cushion of air, significantly reducing energy consumption and enabling zero emission. The company will also use this chance to announce that it will continue its operations under a new name, Pascal Technologies. Pascal Technologies will put the capital into the R&D process and commercialization of its technology. The recent funding will also help the company welcome new team members.

SES-X core technology is based on an earlier R&D company, Effect Ship International (ESI), which was acquired in 2019. The technology is the result of 15+ years of research and ~$20M funding. The concept is verified with two full-scale pilot vessels. With a new name, capital and new team, the technology is now ready to be commercialized.

“Ocean Zero invests in innovative young companies with visionary leadership that are focused on eliminating CO2 emissions from vessels on the world’s oceans, seas and lakes. We believe Pascal Technologies has the disruptive potential to eliminate fossil fuel consumption altogether on consumer boats, work boats, ferries, and even the largest commercial ships at sea.” Stephen Petranek, Ocean Zero.

“We are very pleased to have renowned Ocean Zero as a significant shareholder in the company, while existing shareholders have chosen to increase their investment in a challenging capital market. We are now well positioned to launch the first products into the market,” Glen Ole Rødland, chairman of the board at Pascal Technologies.

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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