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Tesla of boats: Swedish electric boat startup X Shore bags €8.5M funding

X Shore
Picture credits: X Shore

In many countries worldwide, motorboat cruising is a popular summer activity. However, few people know about the environmental issues and the carbon footprint of motorboat cruising. Reportedly, the small leisure boats require as much fuel as a modern car would per mile, adding to the existing climate crisis. Understanding the importance of resolving these challenges, the maritime players have opted for the electric route to revolutionise the industry.

One such startup is X Shore, a Swedish company behind electric, silent, and connected boats. Now, the company has bagged €8.5 million in funding from major shareholders and founder Konrad Bergström. 

The company will use the funding for product R&D, improving sales and marketing strategies, and designing and scoping future new X Shore models. In 2022, the company raised $50 million to ramp up production at its new factory – X Shore Industries 1. 

Going on the same lines, we have seen electric boat startups Candela and Flux Marine raise funding in recent months. 

Tesla of boats

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. The company’s boats are almost silent, easy to maintain, and with zero exhaust emissions. It is one of the world’s leading suppliers of electric boats with customers in markets such as North America and Europe. X Shore’s boats use no fossil fuels and have minimal impact on marine wildlife.

Launched in 2022, the X Shore 1 was launched at a relatively low price point at around a third of the cost of other high-performing electric boats. 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.

Its model Eelex 8000 electric boat in particular has received several awards and helped drive the company as one of the leading names in luxury zero-emissions boats.

Konrad Bergström, founder of X Shore said: “X Shore is a globally-recognised Swedish brand with significant support from the maritime and tech industries and everyone concerned with sustainability. Goodwill from the sector has remained consistent despite recent challenges experienced by the company which has risked X Shore losing focus of its founding vision. Our new CEO René Hansen has already put X Shore firmly back on course and achieved remarkable things in a short period. Having not been operationally involved with X Shore for several years, I am proud to be back and playing a part in ensuring that Nordic innovation is charging the shoreline shift to electric.”

X Shore CEO René Hansen added: “As the CEO of X Shore, I am deeply gratified by the steadfast support of our investors and partners. Our journey is charged by a fusion of cutting-edge technology, functional design, and a steadfast commitment to sustainable performance. Our shareholders’ unwavering support since assuming my role has been instrumental, and we’re thrilled to deepen our collaboration with our visionary founder, Konrad Bergström. With this influx of funding, we’re poised to propel our sales forward and reframe the global narrative of our industry, infusing every innovation with the essence of our mission: to make boating one with nature with unrivalled technology, functional design, and an unwavering dedication to sustainable excellence.”

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