Manufacturer of electric boats X Shore secured additional funding of $50 million (approximately €45.9 million), which will be used to ramp up production at its new plant in Nyköping, Sweden, as well as to support increased research and development.
New investors include Peter Carlsson, founder and CEO of Northvolt batteries, who is joined by board members, management and existing owners of X Shore. Previous investors in X Shore include holding company Team Europe of Delivery Hero founder Lukasz Gadowski, Navin Thukkaram, founder and CEO of Innovation Bootcamp, and Marec Gasiun, former head of automotive business development at Google.
These previous investors were at the heart of an $18 million funding round last April, part of which was dedicated to setting up a new $15,000 million project.2 factory in Nyköping, Sweden. Until then, the company bought composite parts from subcontractors to assemble them in its first factory in Frihamnen, near Stockholm.
Ready to produce 400 electric boats per year
The new facility provides the space and capabilities not only for a full assembly line, but also to manufacture all necessary components in a more sustainable way, including composite hulls. The first production boat rolled off the line at the end of March. Through a combination of manual labor, automation and robotization, the capacity of the factory is 2 full boats per day – 400 per year with a five day working week.
Jenny Keisu, CEO of X Shore, said, “We’ve had incredible support this past funding round, resulting in an oversubscription in less than two days. In a difficult period given the uncertainty of the market, we are both proud and grateful for the enthusiasm shown for X Shore by reputable investors and the community at large.
“The funds will be used to accelerate our production capabilities, ensuring that delivery times are significantly reduced and will also allow us to invest more in research and development, as well as to develop our sales channels abroad. global scale.”
X Shore has been extremely active on all fronts over the past year, expanding beyond Europe with the official launch of its Eelex 8000 in the United States and an agreement with BCI Marine in Canada. He also announced plans for a local assembly plant on US soil this year.
They have a new strategic alliance with the aqua superpower fast charging network to boost global marine electrification and in February they entered into a partnership with electric kreisel and their patented immersion cooled batteries.
The 225kW engine of the Eelex 8000 will be powered exclusively by Kreisel, with two KBP 63 packs totaling 126 kWh. The boat has a range of 100 nautical miles at cruising speed and can reach speeds of 30 knots / 35 kmH. With fast DC charging stations like those from Aqua superpower, batteries can charge from 0 to 100% in less than two and a half hours, from 20 to 80% in just over an hour.
Electric boat maker X Shore – a quick funding story
X Shore was founded in 2016 by Swede Konrad Bergström, who was also one of the founders of Zound, the company that brought Urbanears and Marshall headphones to the world. He first conceptualized the idea of an electric boat company in 1996 and said, “Founding Zound introduced me to the burgeoning tech scene and opened up new thinking. In 2012, I started working with the idea of creating an electric boat, and X Shore started to take shape.
The first models were presented at Boot Dusseldorf in January 2019, following a successful crowdfunding campaign on the FundedByMe platform which raised €1.5m – US$1.66m.
In March 2020, a €5 million (US$5.7 million) funding round was led by veterinary hospital director Peter Dahlberg, whom Bergström hailed as “one of the top leaders in Swedish company and someone who really knows how to scale a world-class business”.
Ms. Keisu was also part of this team, having served as a founding partner of Summa Equity, one of the first venture capital firms to specialize in supporting companies that advance the United Nations Sustainable Development Goals. “With Summa, we were pushing the entire investment industry towards sustainable operations.” she says. “When I met Konrad, I clearly saw that I could build a business from his most amazing vision.”
In effect. With last year’s $18 million seed round, that $50 million, a new factory, new strategic partnerships and alliances in place, expanding sales channels… X Shore is very well positioned to be one of the world leaders in the electric boat revolution for years to come. .