wortkman moving Echandia large battery installations

Swedish marine battery supplier, Echandia, has closed a new funding round at SEK 220 million (£14,837,740). The new funds will help ramp up expansions and the company’s production capabilities in Sweden and the US.

Expansion investments in the US market include the recently announced new production facility in Washington State where Echandia will produce its advanced maritime battery system.

Founded in 2018, Echandia has developed battery systems for maritime transportation, shipping and heavy-duty applications.

The funding round 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. 

The newly raised funds enables Echandia to scale up its operations faster and handle larger projects to meet increasing demand for its maritime battery solutions. 

According to the company, shipping contributes 3 per cent of global CO₂ emissions. Echandia’s solution stands out by meeting the strict demands of sectors like ferries and navy. 

Torbjörn Bäck, CEO of Echandia, comments: ”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.”

Stockholm-headquartered Echandia partners with the world’s leading shipyards and system integrators to equip both newbuild and retrofit vessels with advanced battery solutions, enabling hybridization, full-electric propulsion, and improved energy efficiency for large electrifiction projects all over the world.

Alantra’s energy transition fund, Klima, is a €210 million late-stage venture fund supporting energy-tech companies in their early-growth phase. Manuel Alamillo, partner at Klima, says: “Decarbonizing 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 per cent 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 decarbonisation of the maritime sector.”

The post Swedish marine battery supplier raises millions in funding appeared first on Marine Industry News.