64
FOGHORN
MEMBER NEWS
S
witch Maritime has partnered 
with climate finance firm 
Enduring Planet to secure 
non-dilutive bridge financing that 
will allow the company to continue 
work on grant-funded hydrogen ferry 
projects while awaiting future grant 
reimbursements.
The company, which develops hy-
drogen fuel cell-powered ferries and 
oversees vessel design, permitting, 
construction, and fuel supply chain 
integration 
for 
ferry 
operators, 
launched its first vessel in 2024. 
The Sea Change was a six-month 
demonstration project operated by 
Blue & Gold Fleet as the contract 
operator for San Francisco Bay Fer-
ry. According to Switch Maritime, 
the hydrogen-powered ferry avoids 
approximately 1,190 metric tons of 
carbon dioxide equivalent emissions 
annually compared with a conven-
tional diesel-powered vessel.
Earlier this year, Switch Maritime an-
nounced plans to develop a new 93’ 
hydrogen fuel cell-electric fast ferry 
for New York City. The company 
also has plans to expand into interna-
tional markets. 
By bridging the gap between project 
expenses and the receipt of grant 
funding, the financing secured with 
Enduring Planet smooths cash flow 
and allows Switch Maritime to begin 
project work while awaiting grant 
milestone payments.
No financial terms of the agreement 
were disclosed.
MEMBER NEWS
Switch Maritime Receives Bridge Financing  
to Continue Hydrogen Ferry Projects

View this content as a flipbook by clicking here.