Swedish electric boat manufacturer X Shore has successfully completed a financing round, raising 100 million crowns (approximately 8.5 million euros). The funding round saw participation from several existing investors, including the company’s founder, Konrad Bergström. The fresh capital injection comes at a crucial time for X Shore following a challenging period.
The company intends to utilize the funds to invest in product development and expand its sales and marketing activities. However, the money will not be allocated to the construction of the ‘X Shore Industries 1’ factory, as the manufacturer states that its “funding requirements have been fulfilled already.”
X Shore’s main focus now is to achieve profitability, albeit on a revised timeline, considering the current market conditions. The company faced turbulent times recently, including laying off ten percent of its employees at the beginning of 2023 and encountering a shortage of parts that drastically reduced its production capacity. Additionally, the inflow of funds in recent financing rounds has decreased.
Currently, X Shore offers three models, including the debut and flagship model Eelex 8000, the X Shore Pro aimed at the professional maritime sector, and the more affordable X Shore 1. The company also announced plans to collaborate with Bosch Engineering to improve the X Shore 1 drive.
René Hansen, CEO of X Shore since the end of 2023, expressed gratitude for the steadfast support of investors and partners. He highlighted the company’s commitment to cutting-edge technology, functional design, and sustainable performance.
Founder and investor Konrad Bergström emphasized X Shore’s global recognition and strong support from the maritime, technical, and sustainability sectors. He praised CEO René Hansen for putting X Shore back on course and achieving remarkable progress in a short period. Bergström, who had not been operationally involved in X Shore for several years, expressed pride in returning to help drive the Nordic innovation transition to electric boats.
