X Shore, a Swedish-based electric boat manufacturer, has successfully completed another funding round, raising 300 million Swedish kroner or a little over $29 million. The company plans to use the funds to scale up production and achieve profitability by next year.
SEB Investment Management AB led the funding, along with several new shareholders, according to X Shore. This recent funding round follows a similar one completed a year ago, in which the company raised the equivalent of $50 million. Some of X Shore’s previous investors include Lukasz Gadowski’s Team Global holding company, Navin Thukkaram, founder and CEO of Innovation Bootcamp, and Marec Gasiun, former head of automotive business development at Google.
See also: Candela C-8: The First Electric Hydrofoil Boat Powered by Polestar Technology
X Shore CEO Jenny Keisu said the company’s mission is to lead the transition to electric vessels and decarbonize an industry that must reach net zero in our lifetime. She added that X Shore is crucial in helping heavy-polluting industries achieve net zero, especially at this critical time for the planet.
Apart from covering production costs, X Shore will also use the funding to invest in its North American market operations, as the company made most of its sales there in 2022.
The electric boat manufacturer introduced its X Shore 1 in September 2022, which costs €99,000 or $139,000 (net in both cases). According to X Shore, the X Shore 1 only costs about a third of what other high-performance electric boats sell for. In comparison, the company’s first vessel, the Eelex 8000, starts at $329,000.
See also: Candela Raises $20 Million to Mass Produce Hydrofoil Electric Ferries
Customers can already place orders for the X Shore 1 online, with deliveries set to start in autumn 2023. The vessel’s electric motor can produce 125 kW, enabling a top speed of 30 knots (56 km/h). Customers can choose from three specifications: Utility, Performance, and Premium.
X Shore’s recent funding round demonstrates the growing demand for sustainable solutions and eco-friendly alternatives in the marine industry. As the world aims to achieve net-zero emissions by 2050, companies like X Shore are leading the way in providing sustainable solutions to decarbonize the industry.
