Electrive reports that the company's founder also participated in the investment round. The company currently offers three electric boat models, with prices starting at just under 100.000 euros per unit.

The recently-raised funds will not be used to build the company's upcoming facility, called X Shore Industries 1, which already received the required financing for the construction. Last year was a difficult one for X Shore, as the company was forced to lay off 10% of its workforce, while component shortages took its toll on the manufacturing capacity.

René Hansen, CEO of X Shore since the end of 2023, said that "our journey is charged by a fusion of cutting-edge technology, functional design, and a steadfast commitment to sustainable performance."

After not being officially involved in the company's operations in the past couple of years, company founder Konrad Bergström said that his role as an investor could contribute to Sweden's role in the electric boat market.