Swedish tech startup X Shore raises $9.2 million for its fully electric boats

Stockholm-based electric boat tech startup X Shore announced on Monday it has secured SEK 100M (approximately $9.2 million) in funding to advance its 100% electric boats. The funding round was backed by existing major shareholders including company founder Konrad Bergström.

Similar to how Tesla revolutionized the automotive industry, X Shore is revolutionizing the boating sector with its all-electric boats that combine Swedish maritime craftsmanship and technology.

X Shore will use the fresh capital infusion to accelerate product research and development, fortify sales and marketing strategies, and pioneer new models. The company added that the funding will not be directed towards its factory, X Shore Industries 1, as its financial requirements have already been met.

While prioritizing profitability remains a steadfast commitment for the company, adjustments in timelines reflect market dynamics. This announcement arrives a year after a €26.5M funding round led by SEB Investment Management AB.

Founded in 2016 by Konrad Bergström, X Shore champions the creation of electric boats for a fossil-free future. Marrying Swedish maritime tradition with technology, innovation, and sustainability, the company aims to revolutionize the boating industry. Sustainability serves as the cornerstone of X Shore’s ethos, with independent auditor Cicero Shades of Green AS dubbing it one of the world’s most sustainable leisure boat manufacturers this year.

Since its inception eight years ago, X Shore has ascended to become the global leader in electric boat supply, catering to markets spanning North America and Europe. Renowned for their zero reliance on fossil fuels and minimal impact on marine ecosystems, X Shore’s vessels have garnered acclaim, clinching multiple design awards including the German Design Awards, European Powerboat of the Year, and Best of Boats Award.

In September 2022, X Shore introduced its X Shore 1 model, boasting a notably lower price point compared to other top-tier electric boats, yet maintaining the same level of excellence in engineering and design, according to the company.

Equipped with a 125 kW motor and a 125 kWh battery, this electric boat reportedly achieves speeds exceeding 30 knots, with a cruising speed comparable to that of the Eelex 8000.

In a statement, Bergström said, “X Shore stands as a beacon of Swedish ingenuity, backed by unwavering support from the maritime and tech sectors, and all advocates of sustainability. Despite recent challenges, the goodwill towards X Shore and its pioneering vision has remained steadfast.”

He continued, “Under the stewardship of our new CEO René Hansen, X Shore has swiftly regained its course, achieving remarkable milestones in a short span. Having been less hands-on with X Shore in recent years, I am delighted to reengage and contribute to propelling Nordic innovation towards an electrified shoreline.”

X Shore CEO René Hansen said, “I am deeply gratified by the steadfast support of our investors and partners. Our shareholder’s 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 unrivaled technology, functional design, and an unwavering dedication to sustainable excellence.”