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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
Geek Wire
24-06-2025
- Business
- Geek Wire
Swedish battery startup making waves in Washington nets $34M to electrify ships
Sustainability: News about the rapidly growing climate tech sector and other areas of innovation to protect our planet. SEE MORE An employee at an Echandia facility. (Echandia Photo) Echandia, a Swedish maker of battery systems for marine vessels, raised $34 million. Echandia leaders said the investment will be used to increase its production capacity, grow its U.S. market presence, and fund R&D efforts. Almost a year ago, the company celebrated the opening of its manufacturing and sales facility in Marysville, Wash., which is its first site in North America. The startup employs seven people at the Washington facility, and expects to hire this fall when its assembly line starts running. '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,' Torbjörn Bäck, CEO of Echandia, said in a statement. Echandia partners with shipyards to build and retrofit vessels to make them all-electric or hybrid-electric powered. The startup has customers in Europe, India and New Zealand and is working on ferries, naval vessels, merchant ships and offshore vessels. Its batteries use a lithium-titanate-oxide chemistry, which the company says is safer and faster-charging than traditional lithium-ion designs. Investors in Echandia's round include U.S.-based S2G Investments; Klima, the energy transition fund for Spain's Alantra; Swedish investors Industrifonden and SEB Greentech VC; and the Japanese firm EEI. Echandia has raised a total of $54.6 million. Its revenue quadrupled last year, and is expected to triple again this year 'driven by strong market demand and an expanding order pipeline,' the company stated. San Francisco Bay Ferry's REEF (Rapid Electric Emission Free) Program last year selected the company to provide its battery systems, making it the first U.S. operation to offer zero-emission ferry service starting next year. Washington State Ferries has been pursuing a strategy to start moving its fleet to hybrid-electric vessels by 2040 by converting some existing ferries and buying new vessels. The ferry system burns roughly 19 million gallons of diesel each year and is the largest producer of greenhouse gases among state agencies. The effort to cut emissions, however, is being delayed as the cost of converting an initial vessel was significantly higher than expected, the Seattle Times reported. The state hired Vigor Shipyards, a long-time local company, for the job. The state has not said which shipbuilder will construct the new ferries, but a decision is anticipated by the end of the month.
