Switch Maritime, Jackson, Wyo., has partnered with climate finance firm Enduring Planet to secure bridge financing that will allow the company to continue work on grant-funded hydrogen ferry projects while awaiting future grant reimbursements.
The financing provides non-dilutive capital backed by anticipated grant revenue, allowing Switch Maritime to begin project work before milestone payments are received. According to the company, the funding will help smooth cash flow, reduce delays associated with reimbursement schedules, and preserve equity as it expands its zero-emission ferry program.
Switch Maritime develops hydrogen fuel cell-powered ferries and oversees vessel design, permitting, construction, and fuel supply chain integration for ferry operators.
Its first vessel, the Sea Change, operates in San Francisco. The company said the hydrogen-powered ferry avoids approximately 1,190 metric tons of carbon dioxide equivalent emissions annually compared with a conventional diesel-powered vessel.
Switch Maritime said it plans to expand operations into New York and international markets as it targets replacement opportunities for the roughly 800 diesel-powered ferries operating in the United States.
The company said it has received multiple grants to support vessel development, but reimbursement schedules often lag behind project expenses, creating a need for short-term financing. The bridge funding from Enduring Planet allows Switch Maritime to begin near-term project work while waiting for future grant payments.
Switch Maritime said the financing will support continued development of hydrogen ferry infrastructure and future vessel deployments.
"Enduring Planet serves as a helpful partner on the startup journey, providing an important outlet for non-dilutive bridge funding against future grant revenue," said Elias Van Sickle, co-founder and CEO of Switch Maritime.
No financial terms of the agreement were disclosed.
