Echandia, a leading Swedish maritime battery system supplier, has closed a new funding round at SEK 220 million, a very important milestone for the company.
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 capital raised will be invested in Echandia’s global expansion and production capabilities in Sweden and 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.
The new capital enables Echandia to scale up its operations faster and handle larger projects to meet increasing demand for its maritime battery solutions.
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 electrification 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."
