Swedish maritime battery supplier, Echandia, has closed a new funding round of SEK220 mill.
The funding was led by Alantra’s energy transition fund Klima, headquartered in Spain, together with Swedish venture capital fund Industrifonden, with additional investments from Swedish SEB Greentech VC and Japanese venture capital firm, EEI.
Capital raised will be invested in Echandia’s expansion and production capabilities in Sweden and the US. Investments in the US market include a new production facility in Washington State where Echandia will produce its maritime battery system.
The new funds enable Echandia to scale up its operations faster and handle larger projects to meet increasing demand for its maritime battery solutions, including in the ferry sector, the company said.
Today, Echandia partners with leading shipyards and system integrators to equip both newbuildings and retrofit vessels with battery solutions, enabling hybridisation, full-electric propulsion, and improved energy efficiency for large electrification projects worldwide, it claimed.
Torbjörn Bäck, Echandia CEO (pictured), commented: ”Echandia is at the forefront of maritime electrification globally, helping customers reduce emissions with clear customer values, such as safe, resilient and long-lasting maritime battery systems.
“We are proud to have closed this large funding round with well-known investors, marking a major milestone for us. Our revenues grew fourfold in 2024, compared to 2023, and with our current sales pipeline, we expect our revenues to triple in 2025.
“We look forward to continuing Echandia’s scale-up and expansion with our new, highly experienced investors on board,” he said.
Manuel Alamillo, Partner at Klima, added: “De-carbonising hard-to-abate sectors, like shipping, aviation, and heavy industry is critical to achieving our global climate goals.
“These sectors represent a significant portion of global emissions, accounting for about 30% of global GHG emissions and lack readily available solutions. Investing in these sectors isn’t just an environmental imperative, it’s an economic one.
“By investing in and supporting Echandia’s energy storage solutions, we are excited to accelerate de-carbonisation of the maritime sector,” he said.
Anna Ljungdahl, Head of Sustainable Investments and Senior Investment Director at Industrifonden, commented: “Echandia is at the forefront of innovation, meeting the demanding requirements of sectors like military and defence, making its solution truly remarkable.
“We look forward to commercialising the product globally alongside the team and a strong international investor base, providing financial stability and industry expertise,” she said.
