X Shore, a Swedish electric boat manufacturer, announced that it has secured $50M (approx €45.5M) capital in an oversubscribed funding round.
New investors, including Peter Carlsson, founder and CEO of Northvolt, along with existing owners, board members and management participated in the round.
The funding round comes after a year of growth and expansion for the company. The Stockholm-based company launched its Eelex 8000 electric boats in the United States last year.
The company claims that the funds will enable it to ramp up production at its new factory, X Shore Industries 1, in Nyköping, Sweden.
The company will be able to manufacture two boats per day by year-end, noting that the new factory enables the in-house production of significant parts such as composite hulls, which were previously outsourced to external subcontractors. The factory has recently started production and is expected to roll out its first boat off the production line at the end of March, 2022, following pilot production starting last fall
The capital will also allow X Shore to support increased research and development efforts..
Jenny Keisu, CEO of X Shore, says, “We have received an incredible amount of support during this latest funding round, resulting in over-subscription in less than two days. At a challenging time given market uncertainty, we are both proud and grateful for the enthusiasm for X Shore shown by well-reputable investors and the wider community. With the launch of our new factory, X Shore Industries 1, the funds will be used to accelerate our production capabilities, ensuring
that lead times for delivery are significantly decreased and also allow us to invest more in research and development, as well as to build out our sales channels globally.”
X Shore: What you need to know
Founded by Konrad Bergström in 2016, X Shore is a climate-tech and electric boat company. The company’s boats use no fossil fuels and have minimal impact on marine wildlife.
X Shore’s Eelex 8000 is powered by a 225 kW motor and a 126 kWh battery. As per the company claims, it can reach speeds of 30+ knots with a cruising speed of 20 knots.
X Shore says Eelex 8000 has a range of 100 nautical miles and features fast DC charging that lets 0-100 per cent charging in less than two and a half hours.
The entire boat is controlled by a 24-inch touchscreen powered by Garmin with software designed by X Shore. It also comes with an Anti Theft system that lets the user activate geofence with alerts that signal if the boat ever crosses it.
“With electric power, toxic fumes and disruptive noises vanish, and it produces a minimal carbon footprint during its lifetime compared to fossil fuel engines, which helps combat climate change,” says the company.