Latest news with #S2G
Yahoo
24-06-2025
- Business
- Yahoo
Echandia Secures Financing from S2G Investments, Increasing Funding Round to SEK 325 Million
New funding supports Echandia's North American expansion and growing demand for zero-emission marine vessels STOCKHOLM, June 24, 2025 /PRNewswire/ -- Echandia, the leading Swedish maritime battery system supplier, today announced new long-term financing from S2G Investments ("S2G"), a multi-stage firm with a dedicated oceans strategy. The investment is made as part of Echandia's most recent funding round, announced in March 2025, and brings the total funding round to SEK 325 million (USD $34 million). It marks a major milestone in the company's mission to accelerate maritime electrification worldwide. S2G is Echandia's first U.S.-based investor, aligning with the company's growing presence in North America, including its new production facility in Marysville, Washington. The investment will fund the scale-up of Echandia's production capacity, accelerate its U.S. market presence, and advance R&D initiatives aimed at extending the performance and durability of its technology. "This is a major milestone for Echandia and we are excited to accelerate our global expansion with S2G on board," said Torbjörn Bäck, CEO of Echandia. "S2G brings deep experience in maritime and energy system transitions, and we're proud to have a mission-aligned partner supporting our growth. With North America serving as a critical growth region, we believe we're well-positioned to help operators cut emissions and hedge against fuel price volatility, while enhancing vessel performance." Echandia's advanced Lithium Titanate Oxide (LTO) battery systems are purpose-built for the unique demands of maritime operations, offering high safety, long lifespan, and low maintenance performance in heavy-duty environments where today's conventional lithium-ion or diesel systems often fall short. Its technology powers a range of vessel types, including ferries, tugboats, RoRo/RoPax ships, and offshore workboats, enabling both fully electric and hybrid propulsion. Its customers include global system integrators like Siemens and ABB, as well as operators such as Molslinjen (Denmark) and WETA San Francisco. Echandia's revenue quadrupled in 2024 and is projected to triple again in 2025, driven by strong market demand and an expanding order pipeline. With pressure mounting from international regulations, such as the IMO's carbon intensity targets, the EU Emissions Trading System, and tax reforms affecting maritime fuels, battery solutions like Echandia's are increasingly seen as critical for achieving compliance and boosting vessel efficiency. Echandia's momentum in North America continues to grow. In 2024, the company was selected to supply battery systems for the San Francisco Bay Ferry's REEF (Rapid Electric Emission Free) Program, which will deploy the first high-speed, zero-emission ferries in the U.S. Battery deliveries are scheduled to begin in 2026. "At S2G, we view electrification as one of the most immediate and scalable pathways to decarbonize a significant portion of the 100,000+ vessels that make up the global maritime fleet," said Kate Danaher, Managing Director of S2G's oceans strategy and member of Echandia's board of directors. "Their team understands the complexities of the sector and is delivering practical, durable solutions at scale. We've seen that their technology is already proving itself in the field, and their growth trajectory reflects the urgency and opportunity in this space. We're proud to support their expansion and help accelerate the transition to zero-emission maritime transport." The announcement coincides with the start of the Electric & Hybrid Marine Expo Europe, where Echandia is exhibiting at Hall 8, Stand 5020. Attendees are invited to meet the team and learn more about the next generation of marine battery systems. About Echandia Echandia is challenging the maritime industry with safer electrification. Since its founding in 2018, Echandia has rapidly become a global leader in maritime battery systems, with delivery and orders of over 90 systems for electrification projects worldwide. Our systems are tailored to optimize energy efficiency and reduce environmental impact, supporting the maritime industry's transition towards sustainable operations. Based in Stockholm, we serve customers across the globe. Learn more at About S2G Investments S2G is a multi-stage investment firm focused on venture and growth-stage businesses across food & agriculture, oceans, and energy. The firm provides capital and value-added resources to companies and leadership teams pursuing market-based solutions designed to deliver greater value, improved outcomes, and enhanced performance over traditional alternatives. With a commitment to creating long-term, measurable outcomes, S2G structures flexible capital solutions that can range from venture funding through growth equity to debt and infrastructure financing. For more information about S2G, visit or connect with us on LinkedIn. Media Contact:Johan Winlund, Marketing & Communication Manager at Echandia+46 76 117 55 This information was brought to you by Cision View original content: SOURCE Echandia Group
Technical.ly
12-06-2025
- Business
- Technical.ly
Sojo Industries raises $40M to automate food manufacturing and grow operations
Sojo Industries announced today a $40 million Series B investment, building on the company's recent growth momentum. The Bristol-based robotics company uses both hardware and software to automate food and beverage manufacturing systems. The recent funding from investment firm S2G will be used to upgrade its software products, invest in marketing materials and advance its 'mobile manufacturing' technology, Barak Bar-Cohen, founder and CEO of Sojo, told 'Having this vote of confidence from S2G, having this capital on the balance sheet, having smart, experienced partners alongside you,' Bar-Cohen said, 'feels like another major advantage to have at this point in time.' Only four years old, the company has raised about $63 million to date and currently employs 100 people. The key to Sojo's growth has been staying focused on its original vision and model, which is building a tech company rooted in flexible manufacturing and product tracking technology, according to Bar-Cohen. As it continues to grow, Sojo plans to build out a customer-centric team and further improve its technology, he said. 'Really staying an inch wide in who you are and what you do,' he said, 'but trying to develop a model that's a mile deep and scales profitably.' The 2024 RealLIST Startup will also use the money to expand its marketing capabilities and its 'Atoms to Bits' platform, which encompasses its two main software products: Sojo Shield, a tool that tracks products in the supply chain, and Sojo Flight. Flight, patented late last year, licenses Sojo's manufacturing services to similar facilities. Now, the goal is to build more 'rovers,' which are platforms with robotics and conveyors attached to them that can be moved around and connected easily inside third-party facilities. The company currently has eight sites using the Sojo Flight system, with the goal of increasing that number to 20 by early next year, Bar-Cohen said. It will need additional units to meet demand, as some of Sojo's contracts with large manufacturers and brands require significant volumes of the tools, and some of the funding will help with that. As a part of its growth, Sojo is also investing in its physical sites. Sojo has manufacturing and packaging facilities in Pennsylvania, California, Texas and Indiana. Some of the money will go towards enhancing those locations by adding more technology and robotics, according to Bar-Cohen. Overcoming a challenging fundraising environment Six months ago, Sojo decided to pursue a Series B round to keep up with growing demand for its products, according to Bar-Cohen. Last summer, Sojo raised a $10 million Series A. As of October 2024, Sojo Industries was valued at $80 million, according to PitchBook, but the company did not disclose an updated valuation with its current raise. Raising money is difficult right now, specifically because of macroeconomic uncertainty. Venture capital deal flow in the Philadelphia region was way down last quarter, according to PitchBook's quarterly Venture Monitor report. Part of the reason the fundraising atmosphere is so challenging is that founders need to show profitable growth at scale, a plan to get there and a strong team to execute it, Bar-Cohen said. The goal is to use this recent raise in a way that will result in 12 to 18-month payback periods. The company was founded in 2021 by Bar-Cohen, a former beverage company executive, with a specific focus on using robotics and automation to package variety packs of food and beverages. Originally, Sojo was mostly focused on beverage manufacturing and packaging, but it's now solidly in food and snacks with plans to expand into the pet food, health and beauty markets, Bar-Cohen said. 'If you just focus on the things that you're really, really good at, over and over again,' Bar-Cohen said, 'and you do it well, and you sort of let that permeate across the business and that execution operator mindset — that's as much of a competitive advantage out there as anything.'
