The investment will help REGENT bring the Seaglider to market in Japan and coastal regions around the world.
REGENT — MOL Switch Partnership
NORTH KINGSTOWN, R.I., June 25, 2024 (GLOBE NEWSWIRE) —
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REGENT has announced a strategic investment from MOL Switch LLC, the corporate venture capital firm of Mitsui O.S.K. Lines (MOL), the Japanese shipping company.
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The investment will help REGENT bring its all-electric seaglider to market in Japan and coastal regions around the world.
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This strategic partnership will also promote a sustainable blue economy.
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For more information about REGENT Seaglider opportunities in Japan, please click here.
NORTH KINGSTOWN, R.I., June 25, 2024 – REGENT Craft, a manufacturer of all-electric seagliders for sustainable maritime mobility, today announced a strategic investment from MOL Switch LLC, a U.S.-based corporate venture capital firm affiliated with Japanese shipping company Mitsui O.S.K. Lines (MOL), one of the world’s largest shipping companies. The investment will support REGENT in bringing its seagliders to market in Japan and coastal destinations around the world.
The REGENT Seaglider provides an efficient and sustainable option to enhance the coastal transportation ecosystem. This hydrofoil ground effect vessel utilizes existing dock infrastructure to transport people and goods over up to 180 miles of water between coastal destinations – all without emitting any emissions.
“This strategic partnership marks a major step towards the adoption of the Seaglider market in Japan. Having MOL as the maritime leader in Seaglider technology underscores Regent’s market-leading traction in Japan and paves the way for bringing our high-speed, all-electric transportation solutions to coastal communities.” – Billy Thalheimer, Co-Founder and CEO of Regent
Promoting Maritime Innovation
REGENT combines the speed of an aircraft with the convenience of a boat, making commercial viability of a ground effects vehicle possible for the first time.
“REGENT’s pioneering technology and commitment to sustainability align with MOL’s core mission of promoting environmental protection by applying innovative technology and services. This partnership reflects our shared efforts to ensure safe transportation and build a sustainable future.” — Tomoaki Ichida, CEO, MOL Switch LLC
Seagliding ecosystem grows in Japan
MOL Switch’s strategic investment in REGENT is part of a growing interest in seaglider technology in Japan. HIS 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 delivery and logistics company, are also strategic investors in REGENT.
With approximately 80% of Japan’s population living on or near coastal areas, shipping is vital to the country’s economy. Seagliders provide an affordable, convenient and sustainable option for transporting people and goods around the country, augmenting existing transportation options and supporting people’s lives and livelihoods.
About REGENT
REGENT is pioneering the future of sustainable maritime mobility through the development and manufacture of all-electric seagliders, a new category of vehicle that combines the speed of an aircraft with the convenience of a boat for affordable and efficient travel between coastal destinations.
REGENT’s flagship seaglider, Viceroy, is a 12-seater vehicle that can travel at 110 miles per hour on a single charge and operate routes up to 110 miles. REGENT has already secured more than 600 orders for seagliders worth more than $9 billion from major airlines and ferry companies around the world and has raised more than $90 million in funding from investors including 8090 Industries, Founders Fund, Japan Airlines and Lockheed Martin.
Notes for editors
About MOL Switch
MOL Switch LLC is a subsidiary of Mitsui O.S.K. Lines (MOL) and a corporate venture capital firm established in the United States. MOL Switch invests in start-up companies developing decarbonization technologies and business models in the energy sector. Through these innovative and sustainable technologies, MOL is creating a greener future for future generations.
For over 140 years, MOL has contributed to the development of global industries and communities across the blue oceans of the world. However, in recent years, it has become apparent that MOL needs to change course of action, and it is imperative that MOL adopt a more environmentally conscious approach to ensure that tomorrow’s oceans remain as blue as they are today.
MOL Switch proposes a “switch” that will change the way we think about energy in the future, change electricity consumption and circulation, and transition from fossil fuels to renewable, clean electricity. For more information, please visit https://molswitch.earth/.
Attachments
CONTACT: Kirsten Salyer REGENT 401-328-0532 kirsten.salyer@regentcraft.com
