Electric Boat Company X Shore Secures €8.5 Million in Funding – FUNDING NEWS

The money raised will go towards product research and development, enhancing marketing and sales tactics, and creating and scoping out potential additional X Shore models.

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Since the financial criteria have already been met, none of the monies are going towards it's Industries 1 plant. It is dedicated to turning a profit, even if it takes longer than expected given the state of the market.

Konrad Bergström, founder and investor, said: “It 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.”

About X Shore

X Shore has grown to become one of the top suppliers of electric boats worldwide, serving markets including Europe and North America. X Shore have no effect on marine life and consume no fossil fuels. For better or worse, in the development of an industry that has stayed true to its roots.

It rejects the filthy institution of fossil fuels while embracing the long history of nautical craftsmanship via the use of cutting-edge technology, creative research, clever design, and sustainable materials.