Case studies
Switch Maritime partners with Enduring Planet to accelerate zero-emission ferry deployment
Switch Maritime is accelerating the transition to zero-emission maritime transportation through hydrogen fuel cell vessels. As a full-service partner to ferry operators, Switch Maritime manages every phase of new vessel procurement, including vessel design, permitting, construction, and fuel supply chain integration.
Its vessels produce zero tailpipe emissions, eliminating the greenhouse gases and local particulate matter otherwise emitted by diesel ferries. Switch Maritime’s first vessel, the Sea Change, currently operates in San Francisco and avoids approximately 1,190 metric tons of CO₂ equivalent emissions each year. With plans to expand to New York and international markets, Switch Maritime is helping address a significant opportunity: approximately 800 ferries operating across the United States are powered by diesel and will ultimately require renewal.
As a Series A stage startup, Switch Maritime manages its budget closely while pursuing a capital-intensive growth strategy. They've successfully secured multiple grants, but the timing of grant milestone payments does not always align with when project expenses need to be incurred.
To begin important work tied to its grant-funded projects without waiting for future payments, Switch Maritime needed flexible bridge capital. That is where Enduring Planet stepped in.
Switch Maritime partnered with Enduring Planet to:
- Secure non-dilutive financing against future grant revenue
- Begin critical project work ahead of grant milestone payments
- Smooth cash flow and reduce uncertainty around the timing of grant reimbursements
- Preserve equity while continuing to advance zero-emission vessel deployment
Switch Maritime already worked closely with Enduring Planet via our Fractional platform, making financing a natural extension of the existing relationship. That familiarity enabled a streamlined diligence process supported by a team that already understood the company and its financial position.
Switch Maritime is using the capital to begin important near-term work while awaiting future grant payments. The advance helps the company maintain momentum, alleviate timing issues, and continue building the infrastructure required to expand hydrogen-powered ferry operations beyond San Francisco.
By bridging the gap between project expenses and grant receipts, Enduring Planet is supporting Switch Maritime’s efforts to renew aging ferry fleets, reduce maritime emissions, and bring zero-emission passenger vessels to more markets.
Enduring Planet serves as a helpful partner on the startup journey, providing an important outlet for non-dilutive bridge funding against future grant revenue.
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