Pascal Technologies, a Norwegian electric boat technology startup, has secured 4.5m NOK ($0.5m) in equity through an extension fundraising round. This is a continuation of the successful investment round of 53m NOK (approx $5m) in equity closed earlier in Q1, led by Ocean Zero. Pascal says the additional funds will be used to accelerate the launch of its first commercial vessels.

Those will utilise what the company describes as innovative, energy-efficient hull technology that enables long-range electric boats (proprietary air cushion technology that dramatically increases energy efficiency for planing boats). The first commercial vessel is already under production.

Until now, the operating range for electric boats has hindered their viability as a commercial alternative to fossil-fuelled vessels, says Pascal. By combining electric propulsion with new hull technology, it believes it offers a significantly more attractive alternative.

The extension fundraising round included Grieg Edge and adventure capital firm Katapult Ocean. Both companies are focusing on investments in sustainable maritime solutions.

“Innovative solutions to reduce energy consumption will be a vital part of the green shift in the maritime industry – and we want to be active in bringing those solutions to the markets,” says head of Ocean Ventures in Grieg Edge, Kjerstin Hernes.

“Pascal Technologies possesses exciting technology that aligns with this perspective, and their strong team and reliable partners further bolster their position.”

Over the past year, Pascal has collaborated with Frydenbø Marine on leisure boats and with Moen Marin and Nimbus Group on commercial vessels to ‘solidify its position as a catalyst in the sustainable maritime industry’.

“Pascal’s system offers significant range extension for vessels while maintaining safety and manoeuvrability, improving the economics and adoption rate for low emission propulsion,” says Ross Brooks, general partner at Katapult Ocean.

Earlier this year, Norwegian boatbuilder Frydenbø Marine and Pascal Technologies joined forces to launch Ripple Boats, a long-range electric boat brand.

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