REGENT announces strategic investment from Mitsui OSK Lines (MOL)

This investment will help REGENT market sea gliders in Japan and coastal destinations around the world.

REGENT — MOL Switch Partnership

North Kingstown, Rhode Island, June 25, 2024 (GLOBE NEWSWIRE) —

• REGENT announces a strategic investment from venture capital firm MOL Switch LLC of Japanese shipping company Mitsui OSK Lines (MOL).

• This investment will help REGENT market its fully electric gliders in Japan and other coastal destinations around the world.

• The strategic partnership will also advance a sustainable blue economy.

• Learn more about REGENT glider opportunities in Japan here.

North Kingstown, RI, June 25, 2024 – REGENT Craft, the manufacturer of fully electric sea gliders for sustainable maritime mobility, today announced a strategic investment from MOL Switch LLC, a U.S.-based venture capital firm which is part of a Japanese transport company. Mitsui OSK Lines (MOL), one of the world’s largest shipping companies. This investment will help REGENT market sea gliders in Japan and coastal destinations around the world.

REGENT gliders provide efficient and sustainable options for augmenting coastal transportation ecosystems. The wing-in-ground hydrofoil vessel leverages existing dock infrastructure to transport people and cargo on water up to 180 miles between coastal destinations – all without emissions.

“This strategic partnership marks an important step towards market adoption of sea gliders in Japan. MOL being a maritime champion of marine glider technology highlights REGENT’s market leadership position in the country and paves the way for the introduction of our high-speed, all-electric transportation solutions to coastal communities . — Billy Thalheimer, co-founder and CEO, REGENT

Advancing maritime innovation

REGENT is the first to unlock the commercial viability of ground-effect vehicles, combining the speed of an airplane with the convenience of a boat.

“REGENT’s pioneering technology and commitment to sustainability align with MOL’s core mission of applying innovative technology and services to advance environmental conservation. This partnership reflects our shared commitment to ensuring safe transportation and building a sustainable future. —Tomoaki Ichida, CEO, MOL Switch LLC

A growing ecosystem for gliders in Japan

MOL Switch’s strategic investment in REGENT is part of a growing interest in marine glider technology in Japan. HIS Group, one of Japan’s largest travel agencies, Japan Airlines Innovation Fund, the venture capital arm of Japan Airlines (JAL), and Yamato Holdings, Japan’s largest parcel delivery and logistics company, are also strategic investors in REGENT.

The story continues

Around 80% of Japan’s population lives on or near coastal areas, and the maritime industry is essential to the country’s economy. Seagliders provide affordable, convenient and sustainable options for transporting people and goods within the country, augmenting existing transportation options and supporting lives and livelihoods.

About REGENT

REGENT is pioneering the future of sustainable maritime mobility through the development and manufacturing of fully electric gliders. Seagliders are a new category of vehicles that combine the speed of an airplane with the convenience of a boat to provide an affordable and efficient mode of transportation between coastal destinations.

REGENT’s flagship glider, Viceroy, is a 12-passenger vehicle that travels at 180 mph to serve routes of up to 180 miles on a single charge. REGENT has already secured over 600 orders for sea gliders worth over $9 billion from major airline and ferry operators around the world and has raised over $90 million from investors including 8090 Industries, Founders Fund, Japan Airlines and Lockheed Martin.

Notes to editors

About MOL switch

MOL Switch LLC, a subsidiary of Mitsui OSK Lines (MOL), is a venture capital firm based in the United States. MOL Switch invests in startups that develop carbon-free technologies and business models in the energy sector. With these innovative and sustainable technologies, MOL is creating a green future for generations to come.

For over 140 years, MOL has contributed to the development of global industries and communities across the blue ocean. However, recent years have made it clear that MOL needs to change course and that it is imperative that it adopts a green approach to ensure that tomorrow’s oceans remain as blue as they are today.

MOL Switch proposes a “change”: a change in the way we think about energy in the future, to change our energy consumption and its circulation, and to move from fossil fuels to renewable and clean energy. To learn more, visit https://molswitch.earth/.

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CONTACT: Kirsten Salyer REGENT 401-328-0532 [email protected]