Stockholm-based X Shore, an electric boat manufacturer, announced on Monday that it has secured SEK 100M (approximately €8.5M) in a funding round.
Several existing major shareholders participated in this round, including company founder Konrad Bergström.
Konrad Bergström says, “X Shore is a globally recognised Swedish brand with significant support from the maritime and tech industries and everyone concerned with sustainability. Goodwill from the sector has remained consistent despite recent challenges experienced by the company which has risked X Shore losing focus of its founding vision.”
He adds, “Our new CEO René Hansen has already put X Shore firmly back on course, and achieved remarkable things in a short period. Having not been operationally involved with X Shore for several years, I am proud to be back and playing a part in ensuring that Nordic innovation is charging the shoreline shift to electric.”
The company has secured funds to accelerate product research and development, enhance sales and marketing strategies, and plan and develop new models.
According to the company, the funds will not be allocated towards the factory, X Shore Industries 1, as its funding requirements have already been met.
The Swedish company is dedicated to achieving profitability, although the revised time frame is in response to market conditions.
The announcement comes a year after raising €26.5M funding round led by SEB Investment Management AB.
X Shore: Developing electric day cruiser
Founded by Konrad Bergström in 2016, X Shore is a climate-tech and electric boat company. The company’s boats don’t use fossil fuels and have minimal impact on marine wildlife.
The company’s boats are almost silent, easy to maintain, and with zero exhaust emissions.
Made in Sweden, the company has become the world’s leading supplier of electric boats with customers in markets such as North America and Europe.
The company’s X Shore 1 was launched in September 2022 around its significantly low price point, at around a third of the cost of other high-performing electric boats, but with the same high standards, industry-leading engineering, and design, claims the company.
The electric boat is powered by a 125 kW motor and a 125 kWh battery. As per the company’s claims, it can reach speeds of 30+ knots with a cruising speed of 20 knots, similar to the Eelex 8000.
X Shore CEO René Hansen, the CEO of X Shore, “I am deeply gratified by the steadfast support of our investors and partners. Our shareholder’s unwavering support since assuming my role has been instrumental, and we’re thrilled to deepen our collaboration with our visionary founder, Konrad Bergström. With this influx of funding, we’re poised to propel our sales forward and reframe the global narrative of our industry, infusing every innovation with the essence of our mission: to make boating one with nature with unrivaled technology, functional design, and an unwavering dedication to sustainable excellence.”
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