Singapore-based maritime electrification startup Pyxis on Wednesday (17 December) said it has secured SGD 13 million (USD 10 million) in the first close of its SGD 18 million growth funding round.

The early close underscores rising investor conviction in Pyxis’ technology and commercial progress, reinforced by continued support from Singapore government agencies such as the Maritime and Port Authority of Singapore (MPA) and SEEDS, which operates under SG Growth Capital, the investment platform of the Singapore Economic Development Board (EDB) and Enterprise Singapore Pyxis’ fund raise comes at a time marked by an increased demand for electric vessels across Asia. 

The region operates more than 70,000 coastal and in-port vessels while Singapore alone expects some 1,600 harbour crafts to transition to electric or low-carbon alternatives as part of the broader national goals.

Pyxis’ electric vessels and energy systems address this need directly – reducing the total cost of ownership (TCO) by lowering both fuel and maintenance expenses, while significantly improving energy efficiency and cutting emissions.

Powered by Electra™, the company’s proprietary energy and vessel management platform, Pyxis enables real-time monitoring, predictive maintenance and fleet-level optimisation, improved reliability and reduced downtime.

To date, the company has secured 17 orders for electric vessels across multiple customers in the region, including Singapore. Concurrently, Pyxis is developing a network of ultra-fast marine charging sites, with two charging locations deployed and additional sites planned in partnership with local stakeholders. An upcoming 300KW charger location will also be launched in Q1 2026. With these deployments, Pyxis is entering its strongest growth chapter since inception.

The financing round is backed by a strong coalition of climate-tech, venture capital, and maritime strategic investors, with follow-on commitments from Shift4Good, Motion Ventures, the world’s largest maritime tech fund, and SG Growth Capital, underscoring the sustained confidence of Pyxis’ long-term partners. It also includes participation from strategic backers including Mitsui O.S.K. Lines, one of the world’s largest shipping companies, through its corporate venture capital arm, MOL PLUS.

The raise was catalysed by the Maritime and Port Authority of Singapore (MPA)’s Expression of Interest (EOI) for electric vessel financing, which was part of Singapore’s broader maritime decarbonisation and innovation efforts to build an electric harbour craft ecosystem that supports early adopters of new electric solutions.

In addition to equity financing, Pyxis has secured green debt financing from OCBC, strengthening its capacity to scale vessel deployment and infrastructure development. This financing, to be channelled toward vessel capital expenditure, will provide capital flexibility essential for accelerating commercial rollout.

“Investor conviction in this round sends an unmistakable message: maritime electrification is accelerating, and Pyxis is leading that transition,” said Tommy Phun, Founder and CEO of Pyxis. 

“The strength of this first close, anchored by strategic follow-on investments, validates the scalability of our technology and our ambition to build Asia’s leading coastal electrification ecosystem.”

“Two years ago, Pyxis was a bold vision with a great team behind it. Today, that vision is moving fast across the water: 17 vessels secured, charging infrastructure rolling out, Electra™ evolving into a true operating system for electric fleets, and international expansion underway,” said Sebastien Guillard, Co-founder and Managing Partner of Shift4Good. 

“Few companies execute with this clarity and pace. We’re proud to back Pyxis again and support their rise as the leader of Asia’s coastal electrification wave.”

“SEEDS is proud to continue backing Pyxis, a fast-growing company with a capable team and strong strategic partnerships, together with our co-investment partner Shift4Good. We look forward to seeing Pyxis advance its solutions and contribute to the maritime electrification landscape in the region,” said Tan Kaixin, General Manager of SEEDS.

Photo credit: Pyxis
Published: 18 December, 2025