Freight that runs on sunlight.

We're building a fleet of solar-powered logistics ships to solve interisland transport.

Ship something

Check out what we're building

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The case, in short

The 15-metre solar cargo vessel we're building

Engineered to hold steady through rough open water

Connecting the island communities we serve

The problem

Island freight is brutally expensive, and it runs on diesel.

Freight as a share of an item's cost

20–30% Remote islands

8% Mainland

500MPeople on islands & remote shores

Population density map of Indonesia: dense ridges along Java and Sumatra, with population scattered in spikes across thousands of outer islands. — Hundreds of millions live spread across islands, off the road network. Every spike is a market reachable only by sea.

Population density map of the Philippines: people spread in clusters across Luzon, the Visayas and Mindanao, separated by sea. — Hundreds of millions live spread across islands, off the road network. Every spike is a market reachable only by sea.

The cost edge

Cost per tonne

$55/tMarket rate

$40/tDiesel cost

$23/tSunship cost

Diesel village boat $40 / tonne

Sunship boat $23 / tonne

Fuel Crew Maintenance Capital Insurance Engine / motor & battery funds

How the price is built

Diesel margins are $15 of the $55 rate, we keep $27 while charging less.

Diesel boat charges $55/t

Sunship boat charges $50/t

The build

Build cost	Diesel	Sunship
Hull, deck & fit-out	$21k	$22k
Propulsion (engine vs motor)	$8k	$5k
Energy (tanks vs solar + battery)	$5k	$31k
Total build	$34k	$58k
Capital per tonne	$4	$7

Customers & unit economics

Who we serve

Three buyers, all already paying for these routes: governments, islanders and businesses.

Buyer	What they pay for	Goods moved
Governments	Subsidised PSO & pioneer routes	Rice, fuel, cement, medical supplies
Islanders	Everyday interisland freight	Food, drinking water, LPG, household goods
Businesses	Commercial cargo & resupply	Seafood & ice, copra & spices, mining ore & equipment, construction & building materials, fuel & LPG, agriculture & plantations, retail stock, resort & tourism supplies

Per boat

One boat surfaces past break-even in 1 to 2 years.

At scale

$33k/yrPer boat

$3.3M/yrFrom 100 boats

Region	Route	Diesel	Ours	Profit/yr
Indonesia	Makassar – Spermonde	$60	$54	$33k
Philippines	Cebu – Camotes	$55	$49	$29k
Malaysia	Semporna archipelago	$50	$45	$25k
Mediterranean	Naxos – Small Cyclades	$75	$68	$37k
Caribbean	St Vincent – Grenadines	$85	$77	$45k

Per-tonne rates 10% under diesel.

The market

$4B/yrTAM · global remote-island freight

$300M/yrSAM · archipelago routes we've mapped

$40M/yrSOM · obtainable within 5 years

$150M/yrFirst 7 Indonesian routes alone

Sector signal

Indonesia's listed shippers are already re-rating.

Public markets are pricing in growth: the sector trades at 29x earnings against a 19x three-year average.

+39%IDX Marine & Shipping · 1-yr return

22%/yrForecast sector earnings growth

~$2.1B/yrRevenue across 21 listed carriers

Market cap · +39% in a year

Valuation · 29x vs the 19x average

Industry price-to-earnings · investors paying up for growth.

Earnings forecast · 22%/yr

Simply Wall St, 2026.

The ramp

From 5 boats to a 100-boat fleet in five years.

Beyond interisland

The reach goal: semi-protected international shipping.

Solar scales with deck area, so the same physics carries bigger hulls from village hops to international corridors.

Hull	Stage	Operating reach
15 m	Today	Interisland village hops
40 m	Next	Whole archipelagos
80 m	Reach goal	Semi-protected international: Malacca Strait, Java Sea, inner Caribbean

Corporate structure

How value splits

Singapore holds the tech and IP; Indonesian-owned carriers run the routes.

Operations, maintenance & mining

Resilience

Break-even at one-third of planned volume.

$22k/yrProfit even at 50% load

Idle sunlight → revenue

Surplus solar mines crypto when shipping is soft.

A hedge, never core revenue.

$40/dayGross at full run on solar

$7–15k/yrCounter-cyclical floor

Bitmain Antminer Z15 Equihash miner — **Bitmain Antminer Z15**: 420 kh/s at 1,510 W, ~$3.6k each; two per boat, ~$7k.

Zcash · what the Z15s mine · $425 today

Two Z15s gross ~$40/day at today's price. The hedge swings with the fan, the boat doesn't.

Bitcoin · the macro tide · $63k today

Shaded fans are illustrative ranges, not forecasts · dashed line is the midpoint.

Antminer Z15 Pro · ZEC · 840 kh/s · $3.8k machine

Antminer Z15 · ZEC · 420 kh/s · $3.6k machine

Antminer S23 Hyd 3U · BTC · 1,160 TH/s · $28k machine

Whatsminer M79S · BTC · 1.35 PH/s · $12.3k machine

Real BTC / ZEC weekly prices × today's network difficulty; fans follow the price projections. The dashed red line is each rig's daily power bill at $0.07/kWh; on boat solar it is zero, so the whole line is kept.

Revenue scenarios

Downside · base · reach

Even the downside clears the $15k cash cost.

$54k/yrProbability-weighted revenue per boat

cash cost · $15k

$34k

$58k

$82k

Downside 35% likely

Base 45% likely

Reach 20% likely

Mining profit Shipping profit Crew Maintenance Insurance & berth Battery fund

Money in is the full bar; money out is the cash costs below the dashed $15k line. Crew and insurance rise slightly with volume, while on top sits shipping profit plus a mining hedge that runs on spare solar.

Assumptions & sources

Researched estimates for an early private model, not quotes: boat, maintenance and solar costs are real; crew, utilisation, distances, market rates, mining and battery figures are illustrative and move with prices. Village diesel boats in Indonesia typically clear ~17% margin on revenue (dogol feasibility study, Eretan Kulon); remote freight routes run higher. Battery / resale figures assume a 100 kWh LFP pack at ~$150–180/kWh and 3,000–6,000-cycle life (first pack 6–8 yrs, ~70–80% capacity retained for second-life resale). Mining is a hedge, not core revenue; income is volatile, and marine heat, ASIC depreciation and crypto regulation are real. Market sizing (TAM/SAM/SOM) is a bottom-up estimate: island population × ~0.5–1.0 t inbound freight per person per year × per-tonne rate, not measured port throughput; treat as order-of-magnitude. Corporate structure is subject to Indonesian maritime, ownership and tax review, not legal advice.

Sources: ECLAC / World Bank LPI 2024; UNCTAD; Ship & Bunker 2026; Sustainable Ships & Kongsberg Maritime 2025; Fiji Times 2024; dogol boat financial feasibility (Jurnal Ilmiah Satya Minabahari, Eretan Kulon). Government spend: Spain Min. de Transportes, EU Commission 2024, Malaysia KPDN, Indonesia Tol Laut, Greece, Bahamas Min. of Transport 2025/26, MARINA LAYAG 2026, CalMac / Scottish Government, ADB. Market sizing: BPS regency censuses 2020 / mid-2024 (Wakatobi, Raja Ampat, Kep. Selayar, Sangihe, Sitaro, Talaud, Alor, Rote Ndao, Lembata, Flores Timur); Indonesia Tol Laut volumes 2017–2024; BPS / USDA per-capita staple consumption. Sector signal: Simply Wall St, IDX Marine & Shipping industry analysis (S&P Global Market Intelligence data), June 2026; revenue converted at ~Rp16,300/USD. Crypto: BTC & ZEC price history from Binance weekly closes (BTCUSDT / ZECUSDT, Jun 2024–Jun 2026); spot cross-checked against CoinGecko / Kraken, June 2026. Projection fans are illustrative ranges, not forecasts. Miner economics: BTC hashprice ~$29/PH/day (Hashrate Index, Jun 8 2026); Equihash revenue scaled from BT-Miners / WhatToMine Z15 & Z15 Pro figures to spot ZEC; machine prices from BT-Miners, ASLminer, Mining Now & MillionMiner listings, mid-2026. Big SHA-256 rigs are hydro-cooled, shown for comparison; boats carry Z15-class air-cooled units.