Swedish maritime battery system supplier Echandia has secured SEK 220 million (approximately $20 million) in a new financing round to scale up the company’s operations.
The capital raised will be invested in Echandia’s global expansion and production capabilities in Sweden and the US.
Expansion investments in the US market include the recently announced new production facility in Washington State where Echandia will produce its maritime battery system.
The new capital will enable Echandia to scale up its operations faster and handle larger projects to meet an increasing demand for its battery solutions.
The financing was led by Alantra’s energy transition fund Klima, headquartered in Spain, together with Swedish venture capital fund Industrifonden, with additional investments from Swedish SEB Greentech VC and Japanese venture capital firm EEI.
“Echandia is at the forefront of maritime electrification globally, helping customers reduce emissions with clear customer values such as safe, resilient and long-lasting maritime battery systems,” said Torbjörn Bäck, CEO of Echandia.
Echandia is at the forefront of maritime electrification globally.
Torbjörn Bäc
“We are proud to have closed this large funding round with well-known investors, marking a major milestone for us.
“Our revenues grew fourfold in 2024 compared to 2023, and with our current sales pipeline, we expect our revenues to triple in 2025.
“We look forward to continuing Echandia’s scale-up and expansion with our new, highly experienced investors on board.”
Manuel Alamillo, partner at Klima, added: “Decarbonizing hard-to-abate sectors like shipping, aviation, and heavy industry is critical to achieving our global climate goals.
“These sectors represent a significant portion of global emissions, accounting for about 30% of global GHG emissions and lack readily available solutions. Investing in these sectors isn’t just an environmental imperative, it’s an economic one.
“By investing in and supporting Echandia’s energy storage solutions, we are excited to accelerate decarbonization of the maritime sector.”
