Case studies
Photon Marine partners with Enduring Planet to develop electric outboard motor systems for commercial fleets
Photon Marine is developing electric outboard motor systems for commercial maritime fleets. Fleet owners and operators spend an inordinate amount of money on fuel and maintenance for their gas-powered outboards. Electric propulsion offers a more efficient technology with a lower total cost of ownership, and with fewer moving parts, it’s easier to maintain. Photon's systems can be installed on new or existing vessels, and help operators keep operating costs low while preserving the environment.
Photon’s systems reduce dependency on fuel and oil for propulsion. They reduce CO2, HC and NOx emissions, all while minimizing noise and dramatically lowering lifetime costs.
Photon Marine partnered with Enduring Planet to:
- Purchase a vessel to execute a key contract with a state public utility
- Smooth out cash flows and manage corporate liquidity
Non-dilutive, No personal guarantees, Easy process
Photon Marine chose to work with Enduring Planet because of the simple and transparent process that was easy to navigate and the EP team's focus on customer experience. They also appreciated the structure of the Government Advance, with no dilutive warrants or personal guarantees.
Enduring Planet's Government Advance will be used to execute a contract with a well-known government utility, where payments are spread out over two operating seasons but there are material upfront capital expenditures required of Photon.
At the end of this program, Photon Marine will have 9 months of robust customer operational data on the Erie Canal that will generate an ESG report to compare how much GHG emissions were avoided. This report will be critically important as Photon Marine approaches future customers (especially in government) and climate-minded investors and partners.
"The Enduring Planet team is a highly-sophisticated, knowledgeable finance partner that can help climate tech startups stay on track financially and operationally via their Government Advance."
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