Sweden’s electric boatmaker X Shore has been recognised by an independent evaluator of green bond and sustainability financing frameworks, Cicero Shades of Green AG as one of the most sustainable manufacturers in the world.
Founded in the mid 1990’s by serial entrepreneur, and all-around rockstar Konrad Bergström, X Shore was already ahead of the EV curve long before the curve was even a curve.
Some 14 years later, X Shore really started to get underway, first receiving €5 million in capital to begin shipping its fully electric boats in early March of 2020. Just over a year later, the company saw an influx of €15 million in a round led by Lukasz Gadowski’s Team Europe, and almost a year to the day later, in April of 2022, the company announced a $50 million raise, with Northvolt founder and CEO Peter Carlsson joining the cap table.
And now, if the vision and strong financial backing weren’t enough to get boaters on board, the company has undergone a stringent review of its operations, strategy, revenue, and investments processes by Cicero Shades of Green AG and received the auditor’s top award, the coveted Dark Green rating. There are only 12 other transportation firms on the planet to receive such a rating including Volvo, Scania, and Daimler.
Quoting directly from Cicero Shades of Green AG’s findings:
- ‘X Shore demonstrates a high awareness of environmental concerns and has a clear focus on sustainability throughout its business’
- ‘100% of X Shore’s revenue and 100% of investments are shaded Dark Green’
- ‘CICERO Green assesses that X Shore meets the requirements for Nasdaq Green Equity Designation set out in the Nasdaq Green Equity Principles’
- ‘X Shore has taken a number of important steps to reduce the emissions and environmental impact of their production and supply chain’
- ‘CICERO Green views it as positive that X Shore is actively working to reduce transport emissions’
- ‘CICERO Green considers X Shore’s product and objectives to contribute to climate mitigation’
- ‘CICERO Green considers X Shore’s governance efforts positively’
- ‘The new facility has been designed with a focus on employee health and safety concerns’
“X Shore places great value on sustainability: it drives our work forward, and is central to the company. One day, net-zero boats will be a reality but, for now, we must reduce emissions throughout the supply and value chain, and use materials sourced in the most sustainable way possible,” commented X Shore CEO Jenny Keisu. “The rating is gratifying because X Shore is not just a category-leading electric boat company, but the greenest.”