Singapore-headquartered maritime electrification technology startup Pyxis has secured S$4.5 million (US$3.4 million) in a seed funding round led by Motion Ventures and Shift4Good.
A Singapore-based startup Pyxis, which has embarked on a journey to revolutionise the maritime industry by harnessing electricity, has raised an equivalent of US$3.4 million in a seed funding round co-led by Motion Ventures and Shift4Good, with the participation of Seeds Capital, MarImpact, ShipsFocus, Tian San Shipping, Kim Ann Investments, and LCC Resources.
The startup aims to decrease the dependence of the maritime industry on fossil fuels as well as lower global carbon dioxide emissions by electrifying coastal vessels.
Maritime electrification is an important but challenging task for the industry. New battery systems can prolong the distance ships can go, reduce emissions, and lower maintenance burdens. In addition, the instantaneous energy of electric-powered vessels boosts ship performance.
Electric-powered vessels often use renewable energy sources, significantly reducing the environmental impact of maritime transportation compared to traditional fossil fuel-powered engines. Electric propulsion systems can also be more energy-efficient than conventional engines, enabling precise control over power distribution and usage, optimizing energy consumption and reducing waste.
The activities of Pyxis and similar companies are especially important for Singapore, which has the busiest transhipment port worldwide, transporting 80% of the world’s cargo to over 600 ports globally.
In the Committee of Supply debate on 3 March 2023, the city-state Parliament outlined initiatives to require harbour craft in the maritime sector to achieve net-zero emissions by 2050. The Maritime and Port Authority (MPA) is actively partnering with industry, financial institutions, harbour craft operators and manufacturers to help lower the cost of adoption of sustainable maritime technologies and support early adopters.
The startup is going to use freshly raised funds to accelerate its electrification tech development and expand the production of its electric harbour crafts.
The company recently partnered with Mitsui O.S.K Lines to produce and promote electric vessels in Singapore and Japan. It has also entered into a non-binding Memorandum of Understanding (MOU) with fuel cell components manufacturer Sydrogen Energy to jointly execute a Proof of Concept (PoC) study in the deployment of hydrogen fuel cell solutions.
The issue of outdated and fossil fuel-reliant maritime infrastructure is currently addressed by many organisations and public companies. For instance, Amazon has recently collaborated with shipping and logistics company Maersk to transport goods on a zero-carbon cargo ship using methanol as a power source.
