Under the scheme, operators can receive grants of up to $250,000. The funding is tiered based on a vessel's battery capacity, with $250 disbursed for every kilowatt-hour. The maximum grant amount is capped based on vessel size, with smaller craft eligible for up to $150,000 and larger vessels for the full $250,000.
The grant program will run for two years, officially commencing on January 1, 2027. However, any fully electric vessel that obtains a harbour craft license between October 14, 2026, and December 31, 2028, will qualify for the incentive.
This initiative is part of Singapore's broader strategy to achieve net-zero emissions for the harbour craft sector by 2050. The sector, which currently comprises over 1,600 diesel-powered vessels, faces a significant transition, as vessels typically have a service life exceeding 20 years. By 2030, all new harbour craft operating in Singapore's waters must be fully electric, capable of using B100 biofuel, or compatible with net-zero fuels.