REGENT Craft secures investment from Mitsui O.S.K. Lines

Updated at 10:30 a.m. on July 10.

REGENT CRAFT INC. has secured an investment from Japan-based Mitsui O.S.K. Lines, the North Kingstown-based company announced in late June. Pictured is the REGENT seaglider. / COURTESY REGENT CRAFT INC.

NORTH KINGSTOWN – REGENT Craft Inc. is expanding its global reach with a strategic investment from Japan-based Mitsui O.S.K. Lines, or MOL, the electric seaglider venture announced late last month.

“This strategic partnership marks a significant step forward for seaglider market adoption in Japan,” Billy Thalenheimer, CEO and co-founder of REGENT, said in a statement.

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“Having MOL as a maritime champion for seaglider technology underlines REGENT’s market-leading traction in the country and paves the way to bring our high-speed, all-electric transportation solutions to coastal communities.”

REGENT’s flagship Viceroy vessel seeks to combine “the speed of an aircraft with the convenience of a boat,” according to the blue tech company, using hydrofoiling, wind-in-ground technology to carry people and goods up to 180 miles over water on a single charge while producing zero emissions.

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

Founded just outside of Burlington, Mass., REGENT moved its headquarters to Quonset Business Park in North Kingstown in 2022 after receiving a $13 million tax credit approval from the R.I. Commerce Corp. REGENT must create 300 new jobs in Rhode Island over a decadelong period to secure these credits.

So far, the company says it has created more than 100 jobs in two years.

MOL isn’t the first Japanese company to partner with REGENT, with H.I.S. Group travel agency, Japan Airlines Innovation Funds and YamatoHoldings parcel delivery and logistics company previously investing in the Rhode Island company. With much of Japan’s population living in coastal areas, REGENT says it sees high potential to expand its technology in the country.

REGENT says it has secured more than 600 seaglider orders to date, surpassing $9 billion, from airlines and ferry operators throughout the globe. The company also reports that it has raised $90 million from investors, including 8090 Industries, Japan Airlines, Lockheed Matin and Founders Fund.

(Story updated with job-creation figures from Regent.)

Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.

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