Pyxis Raises S$13M as Maritime Electrification Gains Momentum Across Asia

Singapore startup moves to scale electric vessels and charging infrastructure amid regional decarbonisation drive

Pyxis has secured S$13 million in the first stage of its latest funding round, targeting S$18 million, amid rising momentum for vessel electrification across Asian ports. The fundraising progress reflects a combination of investor confidence and supportive regulatory frameworks in Singapore.

The round includes continued participation from Singapore government-linked entities, including the Maritime and Port Authority of Singapore (MPA) and SEEDS, an investment arm under SG Growth Capital, which is backed by the Singapore Economic Development Board and Enterprise Singapore. Their involvement highlights the role of public capital in de-risking early adoption of new maritime technologies.

Why Asia’s ports are turning to electric vessels

Asia operates more than 70,000 coastal and in-port vessels, many of which rely on diesel-powered systems and operate in densely populated urban waterways. In Singapore alone, authorities expect around 1,600 harbour craft to transition to electric or low-carbon alternatives as part of national emissions and energy targets.

This shift is driven not only by climate goals but also by economics. Fuel volatility, rising maintenance costs, and tighter emissions rules are pushing operators to consider alternatives that can lower total cost of ownership while meeting regulatory requirements.

Technology focus: vessels plus energy systems

Pyxis develops electric vessels alongside onboard energy and fleet management systems, positioning itself as a supplier of both hardware and software. Its proprietary Electra™ platform supports real-time monitoring, predictive maintenance, and fleet-level optimisation, functions that are increasingly seen as essential for operators managing new electric assets.

According to the company, these systems are designed to improve reliability and reduce downtime—two concerns frequently cited by port operators evaluating electric vessel adoption.

Commercial traction and infrastructure build-out

To date, Pyxis has secured 17 orders for electric vessels from customers in Singapore and other regional markets. At the same time, the company has begun deploying ultra-fast marine charging infrastructure, with two charging sites already operational and additional locations planned in partnership with local stakeholders.

A 300-kilowatt charging site, expected to launch in early 2026, is intended to support higher utilisation rates for electric vessels—an important factor for commercial operators where turnaround time directly affects revenue.

A mix of equity, green debt, and strategic capital

Investors in the round span financial and strategic backers, with participation from Motion Ventures, SG Growth Capital, and Shift4Good. The funding also drew involvement from Mitsui O.S.K. Lines, which invested through its venture arm MOL PLUS.

Beyond equity, Pyxis has secured green debt financing from OCBC, aimed at supporting vessel deployment and infrastructure investment. This blended financing approach reflects a broader trend in climate-tech, where capital-intensive sectors increasingly rely on both equity and structured debt to scale.

Expansion plans reflect regional opportunity

Proceeds from the round will be used to expand vessel production, advance Electra™’s capabilities, and accelerate charging infrastructure development. Pyxis is targeting growth in Singapore, Japan, and emerging ASEAN markets, where port electrification policies are beginning to take shape.

The company has recently placed its Pyxis R solar-electric ferry into commercial operation in Singapore and entered into a preliminary agreement with MOL (Asia Oceania) to study joint venture opportunities. Separately, Pyxis has begun working with Utomodeck Group in Indonesia, targeting electrification in one of Asia’s largest maritime markets.

What Pyxis’ raise signals for maritime startups

Pyxis’ funding highlights how maritime electrification is moving from pilot projects to early commercial deployment, particularly in regulated port environments. Government-backed financing programmes, such as MPA’s electric vessel initiatives, are helping reduce adoption risk and create reference markets for startups.

For the broader startup ecosystem, the deal suggests that capital remains available for infrastructure-heavy climate technologies, provided there is policy alignment, early customer traction, and a credible path to scale.

Steady progress in a capital-intensive sector

Maritime electrification is unlikely to follow the rapid adoption curves seen in software or consumer technology. Vessel replacement cycles are long, infrastructure costs are high, and regulatory coordination is complex. Against this backdrop, Pyxis’ S$13 million first close represents incremental but meaningful progress.

As Asian ports move toward cleaner operations, startups that can combine technology, financing, and regulatory engagement may find opportunities to scale—provided they can demonstrate reliability, cost savings, and operational readiness in real-world conditions.

Quick Takeaways

• Pyxis secured S$13 million in the first close of a larger S$18 million growth round, signalling stronger investor interest in maritime electrification across Asia.
• The raise reflects rising demand for electric and low-carbon vessels, as ports and coastal operators face tighter emissions rules and higher fuel costs.
• Public-sector support in Singapore, including backing linked to maritime decarbonisation policies, continues to play a catalytic role in early adoption of electric vessels.
• Pyxis has moved beyond pilot stages, with confirmed vessel orders and charging infrastructure deployments, suggesting growing commercial traction rather than concept-stage development.
• The investor mix—spanning venture funds, climate investors, and maritime strategics—highlights how electrification is increasingly viewed as core infrastructure, not niche climate tech.
• Regional expansion plans point to Southeast Asia as a key testbed for electric maritime solutions, where dense coastal traffic and shorter routes favour electrification.
• The funding positions Pyxis to scale production and infrastructure ahead of broader regulatory mandates expected later this decade.