Boatmaker X Shore raises €26.5m to decarbonise water transport industry

Stockholm-based electric boat producer X Shore has secured 300 million Swedish kronor (approximately €26.5 million) to lead the transition to net zero water transport.

Founded in 2016, X Shore manufactures high-performing electric boats and distributes them to consumers across Europe and North America. CEO Jenny Keisu said companies like X Shore were essential in assisting “heavy-polluting” sectors to eliminate their carbon emissions.

SEB Investment Management led the funding round, with participation from new and existing investors. SEB Investment Management said it was “pleased” to provide financial support to X Shore in its effort to decarbonise the global water transport industry.

X Shore will use the newly obtained capital to scale its production. The Swedish startup also plans to boost its North American operations, which represented most of the sales in 2022.

Last year, X Shore obtained €45.5 million in an oversubscribed investment round. The boatmaker used the fund to expand its research on electric maritime vehicles and produce its first boat, the Eelex 8000.

X Shore’s products

X Shore currently offers two products, the Eelex 8000 and X Shore 1. The company says its electric boats combine Swedish technology and marine craftsmanship, allowing for a low impact on marine wildlife.

The Eelex 8000 operates on a 126 kWh battery and a 170 kW motor. Its maximum speed is over 30 knots, with a standard cruising speed of 20 knots. According to X Shore, the boat’s intuitive console makes it a “perfect” boat for social occasions. Its high loading capacity enables the boat to transport many passengers or haul heavy items.

Meanwhile, the newer X Shore 1 is meant to be the cheaper alternative. However, X Shore claims it still offers high-quality design and engineering despite its affordability.

The X Shore 1 runs on a 125 kWh battery and a 125 kW motor, with comparable speeds to its predecessor. It has a range of 50 nautical miles, and its battery can be charged up to 80 percent in 50 minutes.