X Shore, a Swedish technology company behind a generation of fully-electric, silent and connected boats, announced fresh funding of €8.5 million. Several existing major shareholders participated in this round, including company founder Konrad Bergström.
The funds raised are earmarked for product R&D, improving sales and marketing strategies, and designing and scoping future new X Shore models. None of the funds are toward the factory, X Shore Industries 1, as funding requirements have been fulfilled already. X Shore is committed to achieving profitability, albeit at a revised time frame, in light of market conditions.
The company was founded in 2016 in Stockholm and has become one of the world’s leading supplier of electric boats with customers in markets such as North America and Europe. X Shore’s boats use no fossil fuels and have minimal impact on marine wildlife.
Konrad Bergström, founder and investor, said: “X Shore is a globally-recognised Swedish brand with significant support from the maritime and tech industries and everyone concerned with sustainability. 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. 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.”
X Shore CEO René Hansen added: “As the CEO of X Shore, I am deeply gratified by the steadfast support of our investors and partners. Our journey is charged by a fusion of cutting-edge technology, functional design, and a steadfast commitment to sustainable performance. Our shareholders unwavering support since assuming my role has been instrumental, and we’re thrilled to deepen our collaboration with our visionary founder, Konrad Bergström. With this influx of funding, we’re poised to propel our sales forward and reframe the global narrative of our industry, infusing every innovation with the essence of our mission: to make boating one with nature with unrivalled technology, functional design, and an unwavering dedication to sustainable excellence.”
X Shore boats have received numerous design awards, achieving a hat trick by securing three prestigious awards for both its Performance and Design; winning the German Design Awards, European Powerboat of the Year and Best of Boats Award. Carnegie Investment Bank AB (publ) acted as Sole Global Coordinator and Sole Bookrunner in connection with the funding round. Baker McKenzie acted as legal advisor.
