REGENT Announces Strategic Investment from Mitsui O.S.K. Lines (MOL)
The investment will support REGENT bringing seagliders to market in Japan and in coastal destinations around the globe.
North Kingstown, Rhode Island, June 25, 2024 (GLOBE NEWSWIRE) --- REGENT announces strategic investment from Japanese shipping company Mitsui O.S.K. Lines (MOL)’s corporate venture capital firm MOL Switch LLC.
- The investment will support REGENT in bringing its all-electric seagliders to market in Japan and other coastal destinations around the world.
- The strategic partnership will also advance a sustainable Blue Economy.
- Learn more about the opportunity for REGENT seagliders in Japan here.
/EIN News/ -- North Kingstown, RI, June 25, 2024 – REGENT Craft, the manufacturer of all-electric seagliders for sustainable maritime mobility, announced today a strategic investment from MOL Switch LLC, a US-based corporate venture capital firm that is part of Japanese transport company Mitsui O.S.K. Lines (MOL), one of the largest shipping companies in the world. The investment will support REGENT bringing seagliders to market in Japan and in coastal destinations around the globe.
REGENT seagliders provide efficient, sustainable options to augment coastal transportation ecosystems. The hydrofoiling wing-in-ground-effect vessel leverages existing dock infrastructure to carry people and goods over water up to 180 miles between coastal destinations – all with zero emissions.
“This strategic partnership marks a significant step forward for seaglider market adoption in Japan. Having MOL as a maritime champion for seaglider technology underlines REGENT’s market-leading traction in the country and paves the way to bring our high-speed, all-electric transportation solutions to coastal communities.” — Billy Thalheimer, Co-founder and CEO, REGENT
Advancing maritime innovation
REGENT is the first to unlock the commercial viability of ground-effect vehicles, combining the speed of an aircraft with the convenience of a boat.
“REGENT’s pioneering technology and commitment to sustainability align with MOL’s core mission to apply innovative technology and services to advance environmental conservation. The partnership reflects our shared commitment to ensuring safe transportation and building a sustainable future.” —Tomoaki Ichida, CEO, MOL Switch LLC
Growing ecosystem for seagliders in Japan
MOL Switch’s strategic investment in REGENT is part of growing interest in seaglider technology in Japan. H.I.S. Group, one of Japan’s largest travel agencies, Japan Airlines Innovation Fund, the venture arm of Japan Airlines (JAL), and Yamato Holdings, Japan’s largest parcel delivery and logistics company, are also strategic investors in REGENT.
About 80% of Japan’s population lives on or near coastal areas, and the maritime industry is critical to the country’s economy. Seagliders provide affordable, convenient, and sustainable options to transport people and goods in the country, augmenting existing transportation options and supporting lives and livelihoods.
About REGENT
REGENT is pioneering the future of sustainable maritime mobility through the development and manufacturing of all-electric seagliders. Seagliders are a new category of vehicle that combine the speed of an aircraft with the convenience of a boat to deliver an affordable and efficient mode of transportation between coastal destinations.
REGENT’s flagship seaglider, Viceroy, is a 12-passenger vehicle that travels at 180mph to service routes up to 180 miles on a single charge. REGENT has already secured more than 600 seaglider orders valued at more than $9 billion from leading airline and ferry operators around the world and has raised more than $90 million from investors including 8090 Industries, Founders Fund, Japan Airlines, and Lockheed Martin.
Notes for editors
About MOL Switch
MOL Switch LLC, a subsidiary company of Mitsui O.S.K. Lines (MOL), is a corporate venture capital firm established in the US. MOL Switch invests in startups that develop decarbonizing technologies and business models in the energy sector. Through these innovative and sustainable technologies, MOL creates a green future for generations to come.
For more than 140 years, MOL has contributed to the development of global industries and communities across the blue ocean. However, recent years has made it clear that MOL need to change the course of action, and it is imperative that MOL take a green approach to ensure that the oceans of tomorrow remain as blue as they are today.
MOL Switch proposes a "switch" — a change in the way to think about energy going forward, alter our power consumption and its circulation, and transition from fossil fuels to renewable, clean power. To learn more, visit https://molswitch.earth/.
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Kirsten Salyer
REGENT
401-328-0532
kirsten.salyer@regentcraft.com
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