X Shore secures 300 million SEK to scale production
Swedish electric 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 includes “several new shareholders,” X Shore writes. The company had completed a similar funding round one year ago but had managed to raise the equivalent of $50 million. X Shore’s previous investors include Delivery Hero founder 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.
“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.
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