Switch Maritime has secured non-dilutive bridge financing from Enduring Planet to support its grant-funded hydrogen ferry projects ahead of scheduled reimbursement payments.
The funding will allow the company to continue work on key projects without waiting for grant milestone payments, helping maintain development timelines while preserving equity.
Switch Maritime develops hydrogen fuel cell-powered vessels and provides end-to-end services for ferry operators, including vessel design, permitting, construction and fuel supply chain integration. Its vessels eliminate tailpipe emissions, reducing both greenhouse gases and local air pollutants compared to conventional diesel ferries.
The company’s first hydrogen-powered ferry, Sea Change, is currently operating in San Francisco, where it is estimated to prevent approximately 1,190 metric tonnes of CO₂ equivalent emissions annually. Switch Maritime is also planning to expand operations to New York and international markets, targeting the renewal of the roughly 800 diesel-powered ferries currently operating across the United States.
As a Series A-stage company, Switch Maritime has secured multiple grants to support its growth. However, the timing of grant disbursements does not always align with project expenditures, creating a need for short-term financing.
The bridge financing from Enduring Planet enables Switch Maritime to access capital backed by future grant revenue, begin project work before grant payments are received, improve cash flow management and reduce uncertainty around reimbursement schedules, while avoiding additional equity dilution.
The two companies already had an established working relationship through Enduring Planet’s Fractional platform, which helped streamline the financing process thanks to the lender’s familiarity with Switch Maritime’s operations and financial position.
The funding will be used to advance near-term project activities while the company awaits future grant payments, supporting continued development of hydrogen-powered ferry infrastructure beyond San Francisco.
According to Enduring Planet, the financing will help accelerate the renewal of ageing ferry fleets, reduce emissions from maritime transport and support the wider deployment of zero-emission passenger vessels.
