Stockholm-based X Shore, an electric boat manufacturer, announced that it has secured approximately €26.5M in a funding round led by SEB Investment Management AB with participation from existing and several new shareholders.
X Shore says it intends to use the funds to scale its production and reach profitability.
Additionally, the company will also use the capital to accelerate North American market operations, which accounted for the majority of 2022 sales.
The announcement comes around a year after raising €45.5M in an oversubscribed funding round.
Founded by Konrad Bergström in 2016, X Shore is a climate-tech and electric boat company.
The company’s boats don’t use fossil fuels and have minimal impact on marine wildlife.
Made in Sweden, The company has become the world’s leading supplier of electric boats with customers in markets such as North America and Europe.
The new X Shore 1 was launched in September 2022 around its significantly low price point, at around a third of the cost of other high-performing electric boats, but with the same high standards, industry-leading engineering, and design, claims the company.
The electric boat is powered by a 125 kW motor and a 125 kWh battery. As per the company’s claims, it can reach speeds of 30+ knots with a cruising speed of 20 knots, similar to the Eelex 8000.
The Swedish company says its latest electric boat has a range of 50 nautical miles and features fast DC charging that lets 0-80 percent charge in 50 minutes.
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