X Shore raises more than $50 million to increase production at its new facility in Nyköping
by X Shore 5 Apr 2022 23:26 AEST
X Shore, the Swedish technology company behind a game-changing generation of fully electric boats, today announces that it has raised more than $50 million (SEK 500 million) of new capital in its latest funding round (which was oversubscribed in a day).
Alongside further investments from existing owners, board members, and management, new investors include Peter Carlsson founder and CEO of Swedish battery developer, Northvolt.
The new financing will be used to ramp up production at its new factory named X Shore Industries 1, in Nyköping Sweden, which has recently become operational, rolling its first boat off the production line at the end of March 2022 following pilot production starting last fall.
The new factory will also be the home of the company's first automated assembly line, which is currently being installed. With the latest injection of funding, X Shore will now be able to manufacture two boats per day by year-end, noting that the new factory enables the in-house production of significant parts, such as composite hulls, which were previously outsourced to external subcontractors. The additional capital will also be used to support increased research and development efforts.
Jenny Keisu, CEO of X Shore comments: "We have received an incredible amount of support during this latest funding round, resulting in over-subscription in less than two days. 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. 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.
From its 100% electric 225 kW motor to the low impact materials it is built with, the Eelex 8000 from X Shore embodies the start of a more sustainable maritime tradition. With electric power, toxic fumes and disruptive noises vanish, and it produces a minimal carbon footprint during its lifetime compared to fossil fuel engines, which helps combat climate change.