X Shore raises more than $50 million to increase production at its new facility in Nyköping
Summary
X Shore raises more than $50 million to increase production at its new facility in Nyk\xf6pingX Shore, the Swedish technology company behind a game-changing generation of fully electric boats, today announces that it has raised more than $50 million (SEK 500 million) of new capital in its latest funding round (which was oversubscribed in a day).Alongside further investments from existing owners, board members, and management, new investors include Peter Carlsson founder and CEO of Swedish battery developer, Northvolt.The new financing will be used to ramp up production at its new factory named X Shore Industries 1, in Nyk\xf6ping Sweden, which has recently become operational, rolling its first boat off the production line at the end of March 2022 following pilot production starting last fall.The new factory will also be the home of the companys first automated assembly line, which is currently being installed. With the latest injection of funding, X Shore will now be able to manufacture two boats per day by year-end, noting that the new factory enables the in-house production of significant parts, such as composite hulls, which were previously outsourced to external subcontractors. At a challenging time given market uncertainty, we are both proud and grateful of the enthusiasm for X Shore shown by well-reputable investors and the wider community. With the launch of our new factory, X Shore Industries 1, the funds will be used to accelerate our production capabilities, ensuring that lead times for delivery are significantly decreased and also allow us to invest more in research and development, as well as to build out our sales channels globally. With electric power, toxic fumes and disruptive noises vanish, and it produces a minimal carbon footprint during its lifetime compared to fossil fuel engines, which helps combat climate change.