Mitsui OSK Lines has made a strategic investment in a US-based company that is developing Wing-In-Ground effect craft.
The funds will be used to support Regent Craft in bringing their’seaglider technology’ to Japan.
“This strategic partnership marks an important step forward for the seaglider market in Japan,” said Regent Chief Executive Billy Thalheimer.
Tomoaki Ichida is the chief executive officer of MOL Switch. He said that “Regent’s pioneering technologies and commitment to sustainability aligns with MOL’s mission to apply innovative technologies and services to advance environment conservation.”
MOL’s investment is part of a growing interest in WIG technologies in Japan. It follows investments by Japan Airlines Innovation Fund, Japan’s biggest parcel delivery and logistics firm YamatoHoldings and Japan Airlines Innovation Fund.
Thalheimer said that “about 80% of Japan’s population lives in or near coastal areas and the maritime industry plays a critical role in the country’s economic growth.”
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Seagliders are a convenient, affordable, and sustainable option for transporting people and goods throughout the country. They complement existing transportation options, and support lives.
Regent’s first seaglider is the Viceroy, a 12-passenger vehicle capable of 180mph and covering routes up to 180miles on a single charge.
The company claims that it has received more than 600 orders for seagliders worth more than $9bn, from major airline and ferry operators.
Customers include France’s Brittany Ferries and Germany’s FRS, as well as Italy’s Alilauro.
The Rhode Island-based company announced in May that the first human test flight for the Viceroy was planned by the end 2024. Production of the first commercial version is scheduled for the mid-decade.
Thalheimer anticipates that Regent will have a 100-passenger Monarch on the water before the end of this decade.
MOL Switch, a US-based company, invests in startups developing decarbonising technologies and new business models for the energy sector.
The company has a budget of $100m for a three-year period to invest in climate technology start-ups, and venture capital funds within an innovation hub that is often synonymous with this term.