Vessev raises NZ$32.6m to expand electric hydrofoil production and enter U.S. market

Auckland-based electric hydrofoil manufacturer Vessev has secured NZ$32.6 million (US$19 million) in Series A and follow-on funding to expand its operations and enter the United States market. The investment round was led by Blackbird Ventures, with participation from GD1, Rypples, K1W1, and Icehouse Ventures.

The capital is earmarked for increasing production of the VS-9 electric hydrofoiling vessel, expanding the New Zealand-based team, advancing onboard software, and developing larger vessel models. Vessev's technology utilizes foil systems that adjust up to 100 times per second to lift the hull above the water, reducing drag and wake while offering three times the efficiency of conventional vessels.

As part of its U.S. expansion, Vessev has secured its first American customer, FlyTahoe, which plans to operate a sustainable water transit network on Lake Tahoe, California. FlyTahoe has ordered multiple VS-9 units, pending local regulatory approvals. The company's VS-9 vessel, named Kermadec, has been shipped to the U.S. for demonstrations at New York Climate Week and in Washington, D.C.