Swedish Maritime Battery Supplier Echandia Raises $20.6 Million in Funding Round
Swedish maritime battery system supplier Echandia has successfully closed a new funding round, securing SEK 220 million (approximately $20.6 million). This influx of capital is expected to bolster the company’s efforts in meeting the growing global demand for sustainable maritime solutions.
The funds raised will support Echandia in scaling up its operations to take on larger projects and expand its manufacturing capacity. Specifically, the company plans to allocate the capital towards expanding its production capabilities in Sweden and the United States, including a new production facility in Washington state.
The funding round was led by Alantra’s energy transition fund Klima, a venture fund focused on backing energy-tech companies in their early-growth phase, along with Swedish venture capital fund Industrifonden. Additional contributions are expected from SEB Greentech VC and Japanese venture capital firm EEI.
Manuel Alamillo, Partner at Klima, emphasized the importance of decarbonizing hard-to-abate sectors like shipping, aviation, and heavy industry to achieve global climate goals. Echandia’s maritime battery systems have already made significant strides in reducing fossil fuel emissions and fuel costs for its customers.
Established in 2018, Echandia has delivered nearly 70 battery systems for various electrification projects, with a focus on ensuring a ten-year lifespan for its products. The company’s recent major projects include converting RoPax ferries to pure electric propulsion for a Northern European ferry operator and supplying battery systems for San Francisco Bay Ferry’s REEF ferry program.
With the latest funding secured, Echandia is poised to further expand its presence in the sustainable maritime solutions market and continue driving innovation in the industry.