X Shore crowned 'EU Blue Champion' by European Commission and European Investment Bank

by X Shore 14 May 2024 22:49 PDT

X Shore, the Swedish technology company behind a generation of fully-electric, silent and connected boats, has been announced as an 'EU Blue Champion' by the European Commission And European Investment Bank.

Late last year it was announced that the European Commission, in collaboration with the European Investment Bank (EIB), was to launch the 'EU Blue Champions' scheme to provide financial advisory services to, and support, organisations that are actively: restoring marine and freshwater ecosystems and biodiversity, eliminating pollution, and decarbonising the blue economy.

Virginijus Sinkevicius, Commissioner for Environment, Oceans and Fisheries for the European Commission, is firmly of the opinion that the waters of the world are central to Europe's climate plans, saying: "There is no Green Deal without the oceans, no green recovery without the blue economy."

X Shore CEO René Hansen: "It's extremely gratifying to receive this recognition for our work to decarbonise the marine industry. For too long, boating has been a source of pollution and waste, and X Shore is committed to cleaning up our waters and maintaining the sanctity of our natural environment by reducing carbon emissions and noise pollution. We believe that the future of boating will be a much more harmonious relationship with nature."

X Shore is one of 20 projects selected for the scheme and has met strict criteria to secure its place. The scheme is supported by the BlueInvest platform, part of the European Maritime and Fisheries Fund that encourages innovation and investment in sustainable technologies for the blue economy.

All applications underwent rigorous evaluation by more than two dozen sector experts and officials, who assessed whether projects were:

• Aligned with the EU Mission "Restore our Ocean and Waters"
• Likely to be profitable
• Meeting the required quality standards
• Mature enough and displayed the type of technology required

The Blue Champions scheme is part of the larger body of work, EU Mission ‘Restore our Ocean and Waters’, that will restore and protect the health of waters, with a target date for implementation of 2030. The EU has quantified and measurable targets for protecting and restoring ecosystems and biodiversity, zero pollution, decarbonisation, and reduction of net GHG emissions.

Of the 20 projects selected, six are Nordic in origin - testament to the region's passion for the betterment and protection of the marine environment.