Singapore-based maritime electrification startup Pyxis has raised S$13 million ($10 million) in the first close of its S$18 million growth funding round, according to an announcement.
The financing round is backed by a strong coalition of climate-tech, venture capital, and maritime strategic investors, with follow-on commitments from Shift4Good, Motion Ventures, the world’s largest maritime tech fund, and SEEDS, the investment arm of SG Growth Capital.
It also includes participation from strategic backers, including Mitsui O.S.K. Lines, one of the world’s largest shipping companies, through its corporate venture capital arm, MOL PLUS.
In January 2024, DealStreetAsia reported that Pyxis secured fresh funding in a round co-led by Motion Ventures and Shift4Good. At that time, it bagged S$4.5 million in new funding for growth and expansion, per its filings with the Accounting and Corporate Regulatory Authority (ACRA).
In addition to equity financing, Pyxis has secured green debt financing from OCBC, strengthening its capacity to scale vessel deployment and infrastructure development.
Pyxis’s fundraise comes at a time marked by an increased demand for electric vessels across Asia. The region operates more than 70,000 coastal and in-port vessels, while Singapore alone expects some 1,600 harbour crafts to transition to electric or low-carbon alternatives as part of the broader national goals.
Pyxis’s electric vessels and energy systems address this need directly – reducing the total cost of ownership (TCO) by lowering both fuel and maintenance expenses, while significantly improving energy efficiency and cutting emissions.
Powered by Electra™, the company’s proprietary energy and vessel management platform, Pyxis enables real-time monitoring, predictive maintenance, fleet-level optimisation, improved reliability and reduced downtime.
To date, the company has secured 17 orders for electric vessels across multiple customers in the region, including Singapore. Concurrently, Pyxis is developing a network of ultra-fast marine charging sites, with two charging locations deployed and additional sites planned in partnership with local stakeholders.
The funds will support Pyxis’ next growth phase by scaling production of its electric vessel lineup to meet rising demand in Singapore, Japan, and ASEAN; advancing the Electra™ smart ecosystem with IoT, predictive maintenance and vehicle-to-grid capabilities; and expanding ultra-fast marine charging infrastructure to enable large-scale electric vessel operations across the region.
