en.Wedoany.com Reported - Switch Maritime has partnered with climate finance firm Enduring Planet to secure bridge financing backed by anticipated grant revenue, enabling its funded hydrogen ferry project to commence work before milestone payments are received. The Jackson, Wyoming-based company stated that this non-dilutive capital helps smooth cash flow, reduces delays associated with reimbursement timelines, and preserves equity as it scales up zero-emission ferry projects.

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, Sea Change, operates in San Francisco, and compared to traditional diesel-powered ships, this hydrogen ferry avoids approximately 1,190 metric tons of CO2 equivalent emissions annually.

The company plans to expand operations to New York and international markets, targeting the replacement of roughly 800 diesel-powered ferries operating in the United States. Switch Maritime noted that it has secured multiple grants to support vessel development, but reimbursement schedules often lag behind project expenditures, necessitating short-term financing. The bridge funding from Enduring Planet allows it to initiate near-term project work while awaiting future grant disbursements.

Switch Maritime stated that this financing will support the continued development of hydrogen ferry infrastructure and future vessel deployments. Co-founder and CEO Elias Van Sickle said Enduring Planet has been a valuable partner in the entrepreneurial journey, providing a crucial channel for non-dilutive bridge financing against future grant revenue. The financial terms of the agreement were not disclosed.