Swedish electric yacht manufacturer X Shore has raised another 100 million SEK (8.5 million euros) to breathe new life into the brand's continued expansion. The financing, which was supported by key shareholders, including the company's founder, Konrad Bergström, marks a new growth opportunity for X Shore after a period of ups and downs.
The funds will be earmarked for product development, optimization and upgrading of sales strategies and marketing methods, as well as the development of future X Shore models. It is worth mentioning that the funds were not used to build the "X Shore Industries 1" plant, as the manufacturer stated that "the current funding needs have been met." ”
X Shore made it clear that one of its top priorities is to achieve the business's profitability target – "although we have adjusted our time frame based on market conditions," the company said in response to the recent market turmoil. According to Tech EU, X Shore made 10% layoffs in early 2023 and faced a shortage of components, which affected its production capacity to some extent. In addition, the report also noted that the inflow of funds in recent rounds of financing has also decreased.
X Shore is currently available in three models. Including the debut flagship model Eelex 8000, the 8-metre electric boat X Shore Pro based on the same platform, but this model is only aimed at specialist maritime sectors such as ferry services and coast guards, and the more affordable 6.5-metre X Shore1, an electric yacht starting at 99,000 euros. It has been widely welcomed by the market.
It is worth mentioning that in mid-2023, X Shore announced a partnership with Bosch Engineering to jointly improve the drives of X Shore 1. This initiative demonstrates X Shore's strong commitment to technological innovation and product upgrades.
Founder Konrad Bergström is grateful for the unwavering support of investors and partners. "While the market environment is complex and volatile, which threatens to detract from the focus of X Shore's founding vision, our investors and partners have always stood with us," he said. The new CEO, René Hansen, has put X Shore back on track with impressive results. ”
X Shore首席执行官Rene Hansen
"I haven't been involved in the operation of X Shore for several years and I'm proud to be back and play a role in ensuring that Nordic innovation drives the coastline to electrification," he said. ”
Hansen added: "As CEO of X Shore, I am deeply pleased with the unwavering support of our investors and partners. Our journey is filled with a blend of cutting-edge technology, functional design, and an unwavering commitment to sustainable performance. The unwavering support of our shareholders has played an important role, and we are delighted to deepen our partnership with our visionary founder, Konrad Bergström." ”
"With this influx of funds, we are poised to drive our sales forward and reframe the global narrative of our industry, infusing the essence of our mission into every innovation: to make yachts live in harmony with nature with unparalleled technology, functional design and unwavering dedication. ”
In April 2023, X Shore raised almost SEK 300 million (EUR 26.4 million) to help the brand achieve its EBITDA profitability target by 2024. However, given the current market conditions, the company has decided to extend its time frame. This decision demonstrates X Shore's commitment to robust growth and its ability to respond flexibly to market changes.