Swedish maritime battery manufacturer Echandia has raised €19.98 million (SEK 220 million) in a funding round led by Alantra’s Klima fund, with participation from Industrifonden, SEB Greentech VC, and Japan’s EEI. The investment will support expansion efforts in Sweden and the U.S., including a new production facility in Washington State. Echandia develops battery systems for ferries, navy vessels, and other maritime applications, addressing the sector’s electrification needs amid rising demand. With shipping accounting for 3% of global CO₂ emissions, the company’s technology is designed to meet safety and performance requirements for large-scale electrification projects.
Shipping contributes 3% of global CO₂ emissions, making it a key climate challenge. Echandia’s solution stands out by meeting the strict demands of sectors like ferries and navy.
Echandia has since 2018 developed cutting-edge battery systems for maritime transportation, shipping, and other heavy-duty applications where safety and resilience are critical. Today, 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.
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.”
Manuel Alamillo, Partner at Klima, comments:
”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% 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 decarbonization of the maritime sector.”
Anna Ljungdahl, Head of Sustainable Investments and Senior Investment Director at Industrifonden, comments:
”Echandia is at the forefront of innovation, meeting the demanding requirements of sectors like military and defense, making its solution truly remarkable. We look forward to commercializing the product globally alongside the team and a strong international investor base, providing financial stability and industry expertise.”
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Read the orginal article: https://arcticstartup.com/echandia-raises-e20-million/
