X Shore, a Swedish electric boat maker, has announced today the completion of an approximately SEK 300 million (US $30M) funding round as it sails toward expected profitability at some point in 2024.
The investment round was led by SEB Investment Management AB, and was also supported by several existing and new shareholders.
X Shore CEO Jenny Keisu commented:
The X Shore mission is a crucial one – to lead the transition to electric vessels, in the process of decarbonizing an industry which must transition to net zero in our lifetime. 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. We are grateful for the support of the investment community, and I am excited for the future. We will be working closely with SEB Investment Management and all other stakeholders on our next chapter as the industry leader.
X Shore says it will use the new funding to scale its production in an effort to reach profitability.
The company’s flagship Eelex 8000 electric boat was first unveiled in 2019, though that model’s higher price tag of around US $329,000 put it in the more premium end of electric boats.
Late last year X Shore debuted a new, more affordable vessel known as the X Shore 1. The lower-cost $139,000 model is expected to significantly expand the company’s reach in the market.
The X Shore 1 borrows much of the same Scandinavian design language of the company’s flagship Eelex 8000 boat, but with key cost savings in the design and production process. The Eelex 8000’s clean layout, cork decking, large touch display, and smart technology all make the leap to the smaller 21-foot boat (6.4 meters).
Available in two models of either open design or canopy top, the X Shore 1 is said to reach a top speed of 30 knots (35 mph or 56 km/h) thanks to a 125 kW motor (168 hp).
Compared to the 126 kWh capacity of the Eelex 8000, the X Shore 1 comes with a single smaller 63 kWh battery that helps reduce the cost. It offers a claimed range of 50 nautical miles (58 miles or 97 km) at slower speeds.
A 20-80% recharge can be performed in as little as 1.5 hours with a 22.5 kW charger, though a lower-power 7 kW charger would take just over four hours. Fast charging in 50 minutes is possible with a 45 kW charger.
X Shore is one of several electric boat companies that have recently announced new funding rounds or launched new models.
Fellow Swedish electric boat maker Candela recently landed its own $20M funding round, while US-based companies including Navier and Blue Innovation Group have announced funding or new product launches.
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