Singapore-based startup Pyxis, which focuses on electrifying maritime transport, has raised S$13 million (about US$10.06 million) in the first close of its growth funding round.
The company is aiming to raise a total of S$18 million (around US$13.93 million) in this funding round to support its next phase of growth.
Investors in the round include Shift4Good, Motion Ventures, Mitsui O.S.K. Lines’ MOL PLUS, and SEEDS, the investment arm of SG Growth Capital.
The funding was driven by an initiative from the Maritime and Port Authority of Singapore (MPA), which invited proposals to finance electric vessels. This initiative is part of Singapore’s larger plan to reduce carbon emissions in the maritime sector and to build a strong ecosystem for electric harbor vessels that supports early users of new green technologies.
Along with raising equity funding, Pyxis has also secured green debt financing from OCBC, giving the company more financial strength to expand its electric vessels and build the required charging and support infrastructure.
The funding will mainly be used to cover vessel-related costs, giving Pyxis the flexibility it needs to speed up commercial deployment. The capital will support the company’s next stage of growth, including increasing vessel production, improving its Electra smart ecosystem, and expanding ultra-fast marine charging infrastructure.
Pyxis is increasing manufacturing for its Pyxis One, Pyxis R, and Pyxis L vessel models to meet growing demand from Singapore, Japan, and emerging ASEAN markets. The company is also using advanced IoT systems, predictive maintenance tools, and vehicle-to-grid technology to improve efficiency and energy reliability for operators.
In addition, Pyxis is fast-tracking the development of next-generation, high-capacity charging stations to support large-scale electric vessel operations across the region.
“Investor conviction in this round sends an unmistakable message: maritime electrification is accelerating, and Pyxis is leading that transition,
“The strength of this first close, anchored by strategic follow-on investments, validates the scalability of our technology and our ambition to build Asia’s leading coastal
electrification ecosystem,” said Tommy Phun, Founder and Chief Executive Officer of Pyxis.
Pyxis is a maritime electrification technology startup focused on building a more sustainable and greener future for the maritime industry.
By making it easier to commercially deploy and adopt electric coastal vessels at scale, Pyxis helps speed up maritime decarbonization while also improving vessel performance and management.
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