Swedish electric boat company X Shore has completed its latest funding round, raising a further SEK 100 million (around $9.09 million).
It brings the amount raised so far by the company to more than $113 million.
The additional investment follows the launch of the company’s third boat, the X Shore PRO in September 2023 and the showing of the X Shore T-Top at boot Düsseldorf in January 2024.
The diving module was designed to widen industrial uses of X Shore vessels serving sectors such as professional divers, fish farms, coastguards, tourism, and the wider maritime professions.
Funding came from existing shareholders including company founder Konrad Bergström.
The boatbuilder has faced a number of challenges over the last few months including the necessity to lay off 10% of its workforce in 2023.
The company’s valuation has also been cut. According to the news site Breakit, X Shore sold 22 boats to customers in 2023, but later had to take back 19 of them.
Shortages caused by supply chain issues also reduced its production capacity.
“Goodwill from the sector has remained consistent in spite of recent challenges experienced by the company which have risked X Shore losing focus of its founding vision,” said Konrad.
“Our new CEO René Hansen has already put X Shore firmly back on course, and achieved remarkable things in a short period.
“Having not been operationally involved with X Shore for several years, I am proud to be back and playing a part in ensuring that Nordic innovation is charging the shoreline shift to electric.”
The boatbuilder has said the latest funds will be used for product R&D and sales and marketing strategies.
The company is committed to achieving profitability.
X Shore was founded in 2016. The company has developed various models of electric boats with features including electric motors, lithium-ion battery capacity, touchscreens, remote keys, and anti-theft solutions.
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