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SW/TCH Maritime Funds H2 e-Ferry

Maritime Activity Reports, Inc.

June 14, 2019

SW/TCH Maritime has announced its investment to construct and own the ‘Water Go Round’ e-ferry in collaboration with Golden Gate Zero Emission Marine (GGZEM).

SW/TCH Maritime is a New York-based investment platform building the first fleet of zero-emissions maritime vessels in the US. GGZEM is a provider of turn-key hydrogen fuel cell power systems for ships.

The 84-passenger e-ferry is currently under construction at the Bay Ship & Yacht shipyard in Alameda, CA using private funding from SW/TCH and a $3 million grant from the California Air Resources Board (CARB) through the Bay Area Air Quality Management District (Air District), the administrator of the grant.

The $3 million grant comes from California Climate Investments initiative, a statewide program that puts billions of Cap-and-Trade dollars to work to reduce greenhouse gas emissions, strengthen the economy, and improve public health and the environment — particularly in disadvantaged communities. The project leverages proven technology from partners including BAE Systems and Hydrogenics.

“San Francisco is one of many growing port cities in the US that is struggling to accommodate intensifying strain on legacy commuting systems, but has untapped potential to better use its waterways,” said Pace Ralli, Co-Founder of SW/TCH.

“Commuters are seeking more flexible and enjoyable transportation solutions that avoid traffic around the Bay Area, and we’re honored to be working with GGZEM and the State of California to develop one of the cleanest possible commuting options, for public use or as a dedicated service that companies can offer their employees,” Pace said.

“We’ve come a long way since conceiving of this idea back in 2016, and we’re confident that SW/TCH is the ideal partner to help bring it to reality,” said Joseph Pratt, CEO of GGZEM. “They use capital to drive environmental impact and their team’s unique experience building low-emissions vessels and fueling infrastructure will help promote the adoption of GGZEM technology for a variety of marine applications.”

The San Francisco e-ferry will act as the flagship vessel for SW/TCH’s fleet, an important first step in a concerted effort to curb transportation emissions while mitigating roadway congestion in the largest urban centers across the country. This comes on the heels of SW/TCH’s earlier announced plans to establish a fully electric ferry in New York City, which is now scheduled for deployment following the proof of concept of the ‘Water-Go-Round’ e-ferry.

SW/TCH plans to work with existing ferry operators on both coasts to provide capital to accelerate the adoption of zero-emission modes of transit.

“We’re excited to welcome the SW/TCH team to help create solutions for the Bay Area’s growing transportation and emissions challenges,” said Jim Wunderman, President and CEO of Bay Area Council and Vice Chair of Water Emergency Transportation Authority (WETA). “The launch of the ‘Water Go Round’ e-ferry later this year will be a landmark advancement in Bay Area waterway transportation.”

The state-of-the-art e-ferries will use all-electric propulsion powered either by hydrogen fuel cells or batteries that are charged with shore power, thereby circumventing the need to burn carbon-intensive fossil fuels. Scaling this zero-emission technology will only be possible with significant investment in new fueling infrastructure, and SW/TCH is partnering with Clean Marine Energy (CME) to develop electric charging and hydrogen fueling infrastructure onshore.

Backed by the same founders, CME plans to make clean fueling infrastructure available in multiple ports in the US. Both mission-based platforms represent growing investor interest in technologies, assets and infrastructure that stand to benefit from the transition to a clean-energy economy.