Electric-Boat Builder X Shore Raises More Than $50m in Funding

X Shore, the Swedish electric-boat manufacturer, has raised more than $50m (SEK 500m) of new capital in its latest funding round, which was oversubscribed in a day, we're told. In addition to further investments from existing owners, board members and management, new investors include Peter Carlsson, founder and CEO of Swedish battery developer Northvolt.

New Factory

The Stockholm-based company says the money will be used to ramp up production at its new factory in Nyköping, Sweden, which is now operational. The first boat rolled off the production line at the end of March 2022 following pilot production last autumn.

The new factory will also be home to the company’s first automated assembly line, which is currently being installed.

Two Per Day

By year end, X Shore will be able to manufacture two boats per day, the company says. A key to this will be ability to produce composite hulls that were previously outsourced.

“We have received an incredible amount of support during this latest funding round, resulting in over-subscription in less than two days,” says X Shore CEO Jenny Keisu. “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.”

She continued, ”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 successful year of growth and expansion for X Shore, having officially launched its Eelex 8000 electric boat in the United States last year.