New Zealand-based electric hydrofoil vessel developer Vessev has raised $19m in Series A and follow-on funding as it enters the US market, with Lake Tahoe water transit operator FlyTahoe named as its first US customer.
The funding round was led by Blackbird Ventures and included new investors GD1 and Rypples, alongside existing investors.
Vessev says the funding will support serial production of its VS–9 vessel, development of larger vessels, expansion of its global team and plans to manufacture in the US.
FlyTahoe plans to add the 10-passenger VS–9 to its proposed water transit network on Lake Tahoe, which remains subject to permits and approvals from the Tahoe Regional Planning Agency.
“We’re proud to be Vessev’s first U.S. customer and to add the VS–9 to our growing fleet of electric hydrofoiling vessels,” said Ryan Meinzer, Founder and CEO of FlyTahoe.
Vessev will also demonstrate its technology in New York City ahead of and during New York Climate Week, followed by demonstrations at the Washington, D.C. Navy Yard in late September and on Lake Tahoe.
The VS–9 is a battery-electric vessel with a range of up to 40 nautical miles with a full load and 50 nautical miles with a light load.
Vessev says its hydrofoiling system lifts the hull above the water to reduce drag, with the foil control systems adjusting to changing conditions up to 100 times per second.
With more than 11,000 nautical miles logged, the VS–9 is commercially certified and operating in New Zealand, while Vessev says projects are also underway in Northern Ireland, Sydney and Hobart.
