Swedish e-boat firm raises £23m to scale production

Swedish high-performance electric boat maker, X Shore has raised around 300 million SEK (£23m) in the company’s latest round of fundraising. The company is projected to reach EBITDA profitability in 2024.

SEB Investment Management was the lead investor in this round of funding. X Shore reports that other supporters include existing and new shareholders.

“SEB Investment Management is committed to help funding the transition to net zero, and we are very pleased to be able to support X Shore in their vital work of decarbonising the global boating industry,” a SEB spokesperson says.

X Shore says it will use the proceeds to scale its production on the new X Shore 1 model and reach profitability. The new X Shore 1 was launched in September 2022. The company says the X Shore 1 will cost ‘roughly a third’ of the price of other high-performing electric boats.

CEO of X Shore, Jenny Keisu 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. 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.

“We are grateful for the support of the investment community, and I am excited for the future. We will be working closely with SEB Investment Management and all other stakeholders on our next chapter as the industry leader.”

X Shore also plans to use the proceeds to invest in its North American market operations, which accounted for the majority of 2022 sales. Earlier this year, X Shore announced a new partnership with Florida-based Nautical Ventures.

In 2022, X Shore signed a €50 million battery deal with electric battery innovator Kreisel Electric to supercharge the next generation of its Eelex 8000 electric vessels.

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