Sweden-based electric-boat builder X Shore has secured $9.09 million in funding. Several existing shareholders participated in the round, including company founder Konrad Bergström.
The funds are earmarked for product research and development, improving sales and marketing strategies, and designing new X Shore models. Carnegie Investment Bank acted as the sole global coordinator and sole bookrunner in the funding round.
“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,” Bergström said in a statement. “Our new CEO René Hansen has already put X Shore firmly back on course, and achieved remarkable things in a short period.”
The company said none of the funds will go toward the X Shore Industries 1 factory, and that X Shore “is committed to achieving profitability, albeit at a revised timeframe, in light of market conditions.”
“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,” Hansen said in the statement.
