Phase 2 focuses on conducting a Pilot Project as a proof of concept:
– One 70-passenger vessel that runs on a diesel engine (R99 is 80% cleaner than traditional diesel). Our plan is to run a full-electrified fleet, which will take a few years to implement.
– 24-Month Operation: Starting in late 2023/early 2024
– Cathedral Park to RiverPlace
– Total Cost – $9.7M: Planning, Mobilization, and Operations
– Total Funding Needed – $8.5M: We will have ticket revenue and sponsorship income
– Avg. Passenger Ticket Price (One-Way) – $3; Honored Passenger Ticket Price – $2
Phase 3 plans to stand up a public ferry service, with one or two additional vessels per year and two additional stops (potentially Vancouver, OMSI, and Lake Oswego) in 2025. Vessels and stops will be added based on demand. The infrastructure cost and the annual operating subsidy cost for a seven electrified vessel annual operation moving 800,000 passengers (based on 50% load factor):
– Capital Costs – $40M: Planning, engineering, vessel and equipment acquisition, and regulatory requirements for fire stops and seven boats.
– Operating Costs – $6.8M: Labor, fuel, insurance, maintenance, administration, marketing, communications and training
– Ticket Revenue – $3.0M
– On-Board Sales Revenue – $1.3M
– Annual Subsidy – $2.5M: Ticket revenue covers 45% of costs and revenue from other onboard sales attributes another 19%
– Avg. Passenger Ticket Price (One-Way) – $5; Honored Passenger Ticket Price – $3