Electric boat maker X Shore sees bow lift after $50 million raise
Summary
The round was oversubscribed in less than 24 hours with Northvolt founder and CEO Peter Carlsson joining the cap table. Now, both consumers and investors alike will witness the firepower of this fully armed and operational boat station, capable of completing two vessels - hull to deck, stern to bow, per day. To help realise his vision of producing fully electric, silent boats at scale, X Shore founder and chairman, and all-around rockstar Konrad Bergström attracted the likes of former Summa Equity partner Jenny Keisu to join the flotilla and serve as X Shores CEO back in March of 2020. 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,” commented Keisu. “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.” Behind the funding X Shore only comments that alongside Carlsson, “existing owners, board members, and management, new investors” participated in the raise.