Stockholm-based electric boat maker X Shore has raised another €26.6 million in a new funding round that sets a course to continue scaling its in-house production and accelerate US market growth.
The newest wake was provided by SEB Investment Management AB takes the role of lead investor with existing and several new, undisclosed, shareholders supporting the company.
Having completed a pilot production phase in the autumn of 2021, X Shore’s newest production house rolled its first all-electric watercraft off the assembly line at the end of March 2022, and now aims to ramp up production and US market expansion plans via the new round.
Of note, the new X Shore 1 was launched in September 2022, and has a significantly lower price point than other competing electric boats according to the startup.
“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,” said 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.”
X Shore is projected to reach EBITDA profitability during 2024.