In a significant stride towards advancing sustainable practices in the boating industry, Swedish electric boat company X Shore has successfully raised €8.5 million in fresh funding. Spearheading a revolutionary shift towards fully-electric, silent, and connected watercraft, the company’s latest funding round saw active participation from major shareholders, including founder Konrad Bergström.
The infusion of capital is strategically allocated towards bolstering research and development initiatives, enhancing sales and marketing strategies, and conceptualizing future models for the X Shore lineup. Notably, none of the funds will be directed towards the company’s factory, X Shore Industries 1, as previous funding requirements have already been met. Despite market challenges, X Shore remains steadfast in its commitment to achieving profitability, albeit with adjusted timelines.
Established in 2016 in Stockholm, X Shore has emerged as a frontrunner in the global electric boating arena, catering to a diverse clientele across North America and Europe. With a pledge to eliminate fossil fuels and minimize environmental impact on marine ecosystems, X Shore’s innovative boats embody sustainability at their core.
Founder and investor Konrad Bergström expressed confidence in X Shore’s trajectory, stating, “X Shore has garnered global recognition as a Swedish brand championing sustainability within the maritime and tech sectors. Despite recent setbacks, our new CEO René Hansen has swiftly realigned the company with its founding vision. As a returning member, I am proud to contribute to Nordic innovation propelling the electric shoreline revolution.”
Echoing Bergström’s sentiments, X Shore CEO René Hansen emphasized the pivotal role of investors and partners in the company’s journey towards sustainable excellence. “Our mission blends cutting-edge technology with functional design, underpinned by an unwavering commitment to environmental stewardship,” stated Hansen. “With this infusion of funds, we are poised to redefine the global narrative of the boating industry, championing innovation while preserving our planet’s natural resources.”
X Shore’s commitment to excellence has been validated through multiple accolades, including the prestigious German Design Awards, European Powerboat of the Year, and Best of Boats Award. Carnegie Investment Bank AB (publ) served as the Sole Global Coordinator and Sole Bookrunner for the funding round, with legal advisory provided by Baker McKenzie.
