Tommy Phun, founder and CEO of Pyxis
Singapore maritime electrification startup Pyxis has secured SGD 13 million (~US$10 million) in the first close of its SGD 18 million (~US$14 million) growth funding round, as investor interest intensifies around the urgent push to decarbonise Asia’s coastal shipping sector.
The round is also supported by a coalition of climate-tech, venture capital, and maritime strategic investors, including the Maritime and Port Authority of Singapore (MPA), SEEDS (the investment arm under SG Growth Capital). Returning investors Shift4Good, Motion Ventures (the world’s largest maritime tech fund) and SG Growth Capital also participated.
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Strategic investment also comes from Mitsui O.S.K. Lines, one of the world’s largest shipping companies, via its corporate VC arm, MOL PLUS.
The raise was catalysed by MPA’s Expression of Interest programme for electric vessel financing, part of Singapore’s broader effort to build a full electric harbour craft ecosystem and support early adopters of clean maritime technologies.
Beyond equity, Pyxis has also secured green debt financing from OCBC to support vessel deployment and charging infrastructure development. The debt facility, earmarked for vessel capital expenditure, provides additional flexibility to accelerate commercial rollout.
Maritime decarbonisation pressure is mounting across Asia
The funding comes at a critical moment for maritime decarbonisation. Shipping accounts for approximately three per cent of global greenhouse gas emissions — more than the entire airline industry — with emissions rising by 20 per cent over the past decade. In Southeast Asia alone, coastal shipping contributed 3.8 per cent of total greenhouse gas emissions in 2020, and without stronger regulation, emissions could quadruple by 2050.
Against this backdrop, demand for electric vessels is accelerating across Asia. The region operates more than 70,000 coastal and in-port vessels, while Singapore expects around 1,600 harbour craft to transition to electric or low-carbon alternatives as part of its national sustainability goals.
Electric vessels, charging infrastructure and a proprietary platform
Pyxis is positioning itself at the centre of this transition. Its electric vessels and energy systems are designed to lower the total cost of ownership by reducing fuel and maintenance expenses, while significantly improving energy efficiency and cutting emissions.
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At the core of its offering is Electra, a proprietary energy and vessel management platform. Electra enables real-time monitoring, predictive maintenance and fleet-level optimisation to improve reliability and reduce downtime.
To date, Pyxis claims to have secured 17 orders for electric vessels from multiple customers across the region, including Singapore. In parallel, the company is building a network of ultra-fast marine charging sites, with two locations already deployed and more planned in partnership with local stakeholders.
A 300kW charging site is also scheduled to launch in the first quarter of 2026, marking Pyxis’s most aggressive growth phase since inception.
Scaling production and regional expansion in 2026
Proceeds from the round will fund Pyxis’s next phase of growth, including scaling production of its Pyxis One, Pyxis R and Pyxis L vessel series to meet demand from Singapore, Japan and emerging ASEAN markets.
The company will also continue advancing the Electra smart ecosystem with deeper IoT integration, predictive maintenance tools and vehicle-to-grid capabilities, while expanding next-generation ultra-fast marine charging infrastructure across the region.
Earlier this year, Pyxis launched Pyxis R, its next-generation solar-electric passenger ferry in Singapore, demonstrating how clean vessels can transform urban coastal mobility and tourism. In November 2025, the company signed a Heads of Agreement with MOL (Asia Oceania) to explore the feasibility of a joint venture, building on a 2023 memorandum of understanding.
Regionally, Pyxis is expanding through a strategic partnership with Utomodeck Group in Indonesia, supporting electrification efforts across the world’s largest archipelago. Looking ahead, the company plans to debut Pyxis L — a luxury-focused electric vessel designed for premium hospitality and private charters — in early 2026.
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With cumulative funding of approximately US$14 million to date, Pyxis is now among the better-funded maritime electrification startups in Southeast Asia, as regulatory pressure, environmental urgency and technological maturity converge to reshape the future of coastal shipping.
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