Pascal Technologies gets financial boost for its electric ships

Norwegian Pascal Technologies, formerly SES-X Marine Technologies, has secured NOK 53 million (around $5 million) for the development of its long-range electric boats.

As informed, the funding included both new and existing investors, with Ocean Zero as the main lead investor. Ocean Zero, led by TED curator Chris Anderson and technology editor Stephen Petranek.

Boats and ferries consume much more energy per distance compared with cars, which makes electrification technically challenging.

Pascal Technologies has developed a technology based on air cushion principles to solve this problem. This technology lifts the hull out of the water, and together with a digital control system, this results in significantly increased energy efficiency.

According to the company, this means up to 50 per cent reduced energy consumption in high speed compared to conventional hulls.

For example, the company’s fully electric 27-meter-long 150 pax ferry design has been found to have 30% less consumption than a traditional diesel-driven catamaran at 35 knots, even though it carries significantly more weight due to the battery system.

“Our scalable technology is analogous to “electric chassis platforms” emerging in the automotive industry – optimized and digitally integrated and flexible for different topsides,” the firm emphasized.

The technology is scalable for different boat types, sizes, and applications.

“Ocean Zero invests in innovative young companies with visionary leadership that are focused on eliminating CO2 emissions from vessels on the world’s oceans, seas and lakes. We believe Pascal Technologies has the disruptive potential to eliminate fossil fuel consumption altogether on consumer boats, work boats, ferries, and even the largest commercial ships at sea,” Stephen Petranek, Ocean Zero, said.

“We are very pleased to have renowned Ocean Zero as a significant shareholder in the company, while existing shareholders have chosen to increase their investment in a challenging capital market. We are now well positioned to launch the first products into the market,” Glen Ole Rødland, chairman of the board at Pascal Technologies, stated.