Electric boat manufacturer X Shore raises 8.5 million euros

Swedish electric boat manufacturer X Shore has completed a financing round of 100 million crowns (around 8.5 million euros). The company's former founder also invested. The fresh capital comes after a turbulent phase for X Shore.

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Image: X Shore

According to a statement from X Shore, several existing investors, including company founder Konrad Bergström, participated in the new round. The Swedes intend to invest 8.5 million euros in product development and expanding their sales and marketing activities. The money is not earmarked for the construction of the ‘X Shore Industries 1’ factory, as, according to the manufacturer, “funding requirements have been fulfilled already.”

X Shore states that one of its priorities is to make its business profitable – “albeit at a revised time frame, in light of market conditions,” it says. The company is referring to recent turbulent times. According to the portal Tech EU, X-Shore laid off ten per cent of its employees at the beginning of 2023. The company is also said to have been confronted with a shortage of parts, which drastically reduced its production capacity. According to the portal, the inflow of funds in the most recent financing rounds has also decreased.

X Shore currently offers three models. The debut and flagship model Eelex 8000, the 8-metre electric boat X Shore Pro, based on the same platform but aimed at the professional maritime sector like shuttle services and coast guards, and the much more affordable 6.5-metre boat X Shore 1 with prices starting at 99,000 euros. The Swedish electric boat manufacturer also announced in mid-2023 that it intends to work with Bosch Engineering on improving the X Shore 1 drive.

René Hansen, CEO of X Shore since the end of 2023, commented on the latest financing round: “As the CEO of X Shore, I am deeply gratified by the steadfast support of our investors and partners. Our journey is charged by a fusion of cutting-edge technology, functional design, and a steadfast commitment to sustainable performance. Our shareholders unwavering support since assuming my role has been instrumental, and we’re thrilled to deepen our collaboration with our visionary founder, Konrad Bergström.”

According to company founder and investor Konrad Bergström, X Shore is a globally recognised Swedish brand and strongly supported by the maritime and technical industries and those involved in sustainability. “Goodwill from the sector has remained consistent in spite of recent challenges experienced by the company which have risked X Shore losing focus of its founding vision. Our new CEO René Hansen has already put X Shore firmly back on course, and achieved remarkable things in a short period.” After several years of not being operationally involved in X Shore, Bergström says he is proud to be back and to help drive the Nordic innovation transition to electric boats.

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