Lift Ocean in a NOK 20 million capital investment round led by Yinson Holdings.

Lift Ocean, an Oslo, Norway-based manufacturer of boat electric components, announced that it raised an equity round closed at NOK 20 million ($2.3 million).

The money was raised from investors led by existing shareholders from Malaysia, Yinson Holdings.

Lift Ocean, founded in 2019 by CEO Petter Mørland Pedersen, developed a hydrofoil concept, which in short involves lifting boats over the water crust by using a support plane or "wings", and thus making the vessels become energy efficient. The company says it is working on several demonstration projects both in Norway and abroad and expects the first full-scale hydrofoil system to be launched in 2023.