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BFD Expert Voices - Climate Deals

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Vessev, a New Zealand startup making electric hydrofoil boats, raised a $19 million Series A and is bringing its vessels to the U.S., CEO Eric Laakmann tells Axios Pro.

Why it matters: Electric hydrofoil vessels cut fuel costs and deliver a smoother, quieter ride than comparable diesel-powered ones. 

Zoom in: The round was led by Australian VC firm Blackbird Ventures and included new investors GD1 and Rypples and existing investors K1W1, Icehouse Ventures, Shasta Ventures, and NZVC. 

How it works: Electric hydrofoil boats use batteries for propulsion, and once they hit a certain speed, lift up on foils to move more easily through the water.

The combination of the battery and the hydrofoils can make these types of boats 10 times more efficient than diesel-powered boats.

Vessev's first boat, called the VS-9, can carry up to 10 passengers and has a range of 50 nautical miles with a 105 kilowatt-hour battery.

What's next: Vessev plans to use the money to build out a small production line in Auckland that can make 10 vessels per year and deliver its initial boats to customers, says Laakmann, a former Apple engineer who helped launch the Apple Watch. 

The company is also working with its first U.S. commercial customer, a marine transit operator in the Tahoe region called FlyTahoe.

Vessev plans to bring one of its boats to New York Climate Week next month for test rides. 

State of play: Electric boats are just starting to hit the market in some places. 

Other startups building various types of electric boats for both commercial and recreational use include Arc, Candela, Navier, X Shore, Flux Marine, and Zin Boats.

"It's definitely in the early innings," says Laakmann, but there's growing interest.

The defense sector is taking notice. Arc is expanding by making electric powertrains for tugboats, ferries, and defense vessels.

The intrigue: Electric boats can be pretty fun because the 100% torque of the motor allows for fast acceleration.

The bottom line: While the market for electric boats is relatively new, it'll continue to grow for applications that want lower fuel use and quieter, smoother rides. 

Exclusive: Vessev raises $19M, launches electric hydrofoil boats in U.S.

The New Zealand-based company plans to bring its boats to NY Climate Week.

White catamaran labeled "VESSEV" speeds across deep blue water with a distant Sydney skyline, including the Opera House, under a clear blue sky with scattered clouds.

Vessev's electric hydrofoil boat driving off the coast of Sydney. Photo: Courtesy of Vessev

Vessev, a New Zealand startup making electric hydrofoil boats, raised a $19 million Series A and is bringing its vessels to the U.S., CEO Eric Laakmann tells Axios Pro.Why it matters: Electric hydrofoil vessels cut fuel costs and deliver a smoother, quieter ride than comparable diesel-powered ones.

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Exclusive: Vessev raises $19M, launches electric hydrofoil boats in U.S.

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