Swedish maritime battery system supplier Echandia has closed a new funding round at SEK 220m, 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 the US. Expansion investments in the US market include the recently-announced 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.
Since 2018 Echandia has developed maritime battery systems for applications where safety and resilience are critical. Today, Echandia partners with shipyards and system integrators to equip both newbuild and retrofit vessels with advanced battery solutions, enabling hybridisation, full-electric propulsion, and improved energy efficiency for large electrification projects.
Torbjörn Bäck, CEO Echandia, said: “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 four-fold 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, Klima, added: “Decarbonising 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, Industrifonden, said: “Echandia is at the forefront of innovation, meeting the demanding requirements of sectors like military and defence, making its solution truly remarkable. We look forward to commercialising the product globally alongside the team and a strong international investor base, providing financial stability and industry expertise.”
Image: Echandia marine battery (source: Echandia)
