Sweden’s e-boat maker X Shore has completed another funding round, raising 300 million Swedish kroner. That is a little over $29 million. The company will use the money to scale its production and reach profitability next year.
SEB Investment Management AB led the funding, which also “several new shareholders,” X Shore says.
“The X Shore mission is a crucial one – to lead the transition to electric vessels, in the process of decarbonising an industry which must transition to net zero in our lifetime,” says X Shore CEO Jenny Keisu. “We are at a critical time for the planet and companies like X Shore are all-important in helping heavy polluting industries achieve net zero.”
On top of funding the production and covering costs, X Shore will also use the money to invest in its North American market operations since the company made most of its sales there in 2022.
The manufacturer unveiled its X Shore 1 in September 2022. The electric vessel costs €99,000 or $139,000 (net in both cases) and, according to X Shore, therefore only costs about a third of what other “high-performance electric boats” sell for. The company’s first vessel, the Eelex 8000, is also significantly pricier and starts at $329,000.
The X Shore 1 is scheduled for delivery starting in autumn 2023. Orders can already be placed online. The electric motor produces 125 kW and enables a top speed of 30 knots (56 km/h) and customers can also select from three specifications: Utility, Performance and Premium.
Keyword: X Shore secures 300 million SEK to scale production