Echandia secures SEK 220 million in new financing round - scaling up operations to meet rapidly increasing demand
- Editor
- Mar 3
- 1 min read
Whats Happening:
Echandia, a Swedish maritime battery system supplier, has secured SEK 220 million in a new funding round. The round was led by Alantra's energy transition fund Klima, with participation from Industrifonden, SEB Greentech VC, and EEI. The funds will be used to expand Echandia's global operations and increase production capabilities in Sweden and the US, including a new facility in Washington State.
Key Moves:
Echandia raises SEK 220 million in new funding round
Funds to be used for global expansion and increased production
New production facility planned in Washington State, US
By The Numbers:
Echandia's revenues grew fourfold in 2024 compared to 2023
Company expects revenues to triple in 2025
Echandia has delivered nearly 70 systems for electrification projects worldwide
Key Quotes:
"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." - Torbjörn Bäck, CEO of Echandia
"By investing in and supporting Echandia's energy storage solutions, we are excited to accelerate decarbonization of the maritime sector." - Manuel Alamillo, Partner at Klima
"We look forward to commercializing the product globally alongside the team and a strong international investor base, providing financial stability and industry expertise." - Anna Ljungdahl, Head of Sustainable Investments at Industrifonden
Bottom Line:
Echandia's successful funding round of SEK 220 million positions the fund for significant growth in the maritime electrification sector. With plans for global expansion and increased production capabilities, Echandia is poised to capitalize on the growing demand for sustainable maritime solutions and contribute to reducing emissions in the shipping industry.
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