Exclusive: ZeroMar raising $1.5M to turn ferries into power plants
Illustration: Sarah Grillo/Axios
ZeroMar is raising $1.5 million for its first commercial delivery of battery-powered ships that can also buttress the electric grid.
Why it matters: The approach promises to turn ferries into floating power plants.
How it works: ZeroMar converts ships to run on battery power and enables them to join virtual power plant programs, which can draw energy from electric vehicles to put emissions-free energy onto the grid.
- Such programs compensate vehicles' owners, providing new revenue streams for fleets that opt-in.
"You can't just swap a diesel engine out and put an electric motor in," CEO Graham Balch tells Axios. "You have to think holistically about the whole system, otherwise it won't work."
State of play: ZeroMar is electrifying San Francisco's Angel Island-Tiburon three-ship ferry fleet and adding a new dock with charging infrastructure.
- The $19 million contract involves converting two of the private service's existing ships and configuring a new boat from New Zealand manufacturer EV Maritime.
- The ferry project will be the company's first commercial delivery, which it anticipates in Q2 2025.
By the numbers: ZeroMar is raising the $1.5 million SAFE round as it seeks to fulfill $40 million in contracts through the next three years.
