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100% electric boat startup gears up with $50M funding to fuel production

xshore-funding

The auto industry is already stirring to go electric, and Stockholm-based XShore is positive that boats are already setting off as the next best thing. The 100% electric boat manufacturer has now announced a $50 million raise in its latest funding round (which was oversubscribed in a day).

Backing from Northvolt founder

Alongside further investments from existing owners, board members, and management, new investors include Peter Carlsson founder and CEO of Swedish battery developer, Northvolt. 

The new financing will be used to ramp up production at its new factory named X Shore Industries 1, in Nyköping Sweden, which has recently become operational, rolling its first boat off the production line at the end of March 2022 following pilot production starting last fall. 

Manufacture two boats per day

The new factory will also be the home of the company’s first automated assembly line, which is currently being installed. With the latest injection of funding, X Shore plans to manufacture two boats per day by year-end.

The additional capital will also be used for research and development efforts. Jenny Keisu, CEO of X Shore comments: “We have received an incredible amount of support during this latest funding round, resulting in over-subscription in less than two days. At a challenging time given market uncertainty, we are both proud and grateful of the enthusiasm for X Shore shown by well-reputable investors and the wider community. With the launch of our new factory, X Shore Industries 1, the funds will be used to accelerate our production capabilities, ensuring that lead times for delivery are significantly decreased and also allow us to invest more in research and development, as well as to build out our sales channels globally.” 

The funding round comes after a year of growth and expansion for X Shore, having officially launched its Eelex 8000 electric boat in the United States last year and expanded out of Europe into North America while also setting up local assembly on US soil this year. 

Tesla of boats

From its 100% electric 225 kW motor to the low impact materials it is built with, the Eelex 8000 from X Shore embodies the start of a more sustainable maritime tradition. With electric power, toxic fumes and disruptive noises vanish, and it produces a minimal carbon footprint during its lifetime compared to fossil fuel engines, which helps combat climate change. 

X Shore, also known as the ‘Tesla of boats’, the Swedish climate-tech and electric boat company X Shore was founded in 2016 by Swedish entrepreneur Konrad Bergström – its model Eelex 8000 electric boat in particular has received a number of awards and helped drive the company as one of the leading names in luxury zero-emissions boats.

Recently, Flux Marine, a Bristol-based electric marine propulsion system provider also raised $15.5M in an oversubscribed Series A fund led by Ocean Zero LLC. Further, Los Angeles-based Arc, ‘Tesla of boats’ pocketed a $30M Series A funding round led by Greg Reichow, a former Tesla vice president of production and a partner at Eclipse Ventures.

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