Swedish electric boat start-up receives €5m capital injection
March 11 2020
X Shore will use the funding to develop its new range of high-speed electric boats
X Shore, a Swedish technology start-up behind the development of a new range of fully electric boats, has received a €5m capital injection led by Peter Dahlberg, founder and former group CEO of veterinary firm AniCura.
The funding will be used to continue the development of X Shore’s high-speed electric 5.8m and 8m boats, and to ramp-up the team and new facilities in Stockholm.
The latest capital injection brings X Shore’s total funding to-date to €9.5m. This includes a €1.5m round of crowd investment through FundedByMe in autumn 2019.
“A strong order book and growing demand for our boats makes this the right time for us to take additional investment,” says X Shore founder and president, Konrad Bergström.
Dahlberg’s investment makes him the second largest shareholder in X Shore after Bergström.
X Shore has also appointed Jenny Keisu, most recently partner and member of the founding team at investment firm Summa Equity, as X Shore’s new CEO. Oscar Fors, former president of Battery Systems at Europe’s leading battery start-up, Northvolt, joins the company as COO.
Bergström, who founded X Shore in 2016, will serve as president and continue to spearhead the company’s global mission to bring sustainability and innovation to the maritime sector. He remains particularly involved in design, brand building, and marketing efforts.
“I am really happy to have Peter on board as an investor and shareholder,” Bergström says. “He is one of Sweden’s top business leaders and someone who really knows how to scale a world-class business. With Jenny and Oscar joining the team, as well as investing in the company, I’m now confident that we have the brains and the brawn to steer X Shore through this new, green decade.”
X Shore’s latest craft – the 5.8m Eelord 6000 and the revamped 8m Eelex 8000 – were unveiled and commercialised in January 2020. Both models have a top speed of up to 40kt and can cover a distance of 70Nm when travelling at lower speeds. Using a standard EV-charger, the largest available battery pack of 120kWh can be charged in about six hours.