Switch Maritime taps Enduring Planet for grant-backed hydrogen ferry financing
What's the deal? Switch Maritime has secured non-dilutive bridge financing from Enduring Planet to advance grant-funded hydrogen ferry projects before scheduled reimbursements arrive. The Series A startup will use the capital to begin near-term development work and expand deployment beyond San Francisco while preserving equity.
What's the endgame? Switch Maritime works as a full-service partner to ferry operators, managing vessel design, permitting, construction, and fuel supply chain integration for hydrogen fuel cell ships. Its first vessel, the Sea Change, operates in San Francisco and avoids roughly 1,190 metric tons of CO₂-equivalent emissions each year.
The company has plans to expand to New York and international markets. It is targeting a sizeable opportunity: about 800 diesel-powered ferries operate across the US and will eventually need renewal.
Why now? As a capital-intensive startup, Switch Maritime has won multiple grants — but milestone payments don't always align with when project costs land. The bridge loan, secured against future grant revenue, smooths cash flow and lets the company start critical work ahead of reimbursements.
The two already worked together through Enduring Planet's Fractional platform, which enabled a streamlined diligence process. "Enduring Planet serves as a helpful partner on the startup journey, providing an important outlet for non-dilutive bridge funding against future grant revenue," said co-founder and chief executive officer Elias Van Sickle.
The signal: Non-dilutive, grant-backed debt is emerging as a practical tool for climate hardware startups that face long timelines between spending and reimbursement. For Switch Maritime, borrowing against committed grant revenue lets it keep building without diluting equity — a repeat move that reflects a deepening lender relationship.
Read more: FuelCellsWorks
Image credit: roger4336
