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Echandia, a frontrunner in maritime battery systems, has hit a significant milestone, successfully closing a SEK 220 million funding round. This latest capital injection marks a pivotal moment in the company’s ambitious growth trajectory, positioning it to scale up operations, expand globally, and enhance production capabilities in Sweden and the United States.
The funding round was spearheaded by Alantra’s energy transition fund, Klima, a Spain-based investment powerhouse focused on sustainable innovation. Sweden’s Industrifonden, a key venture capital player, also participated alongside SEB Greentech VC and Japanese investment firm EEI. This diverse group of investors underscores international confidence in Echandia’s technology and its potential to redefine maritime energy solutions.
Much of the investment will be directed toward the U.S. market, including the newly announced production facility in Washington State. This cutting-edge facility will manufacture advanced maritime battery systems, reinforcing Echandia’s commitment to meeting the surging demand for clean, high-performance energy solutions in the shipping industry.
With shipping responsible for 3% of global CO₂ emissions, the need for cleaner alternatives has never been more urgent. Echandia’s next-generation battery systems cater to highly demanding sectors such as ferries and naval vessels, where safety, endurance, and efficiency are paramount.
Since 2018, the company has been at the forefront of maritime electrification, developing state-of-the-art energy storage solutions for commercial shipping, heavy-duty transport, and other demanding applications. Today, Echandia collaborates with leading global shipyards and system integrators, enabling full-electric propulsion and hybrid energy solutions for large-scale electrification projects.
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."
About Echandia
Echandia is redefining the maritime industry by delivering safer, high-performance electrification solutions. Since its inception in 2018, the company has emerged as a global leader in maritime battery systems, with nearly 70 systems deployed worldwide. Designed for maximum energy efficiency and minimal environmental impact, Echandia’s solutions are accelerating the shipping sector’s transition toward sustainable operations. Headquartered in Stockholm, Echandia serves customers across the globe, partnering with leading shipbuilders and industry pioneers.
About Alantra/Klima
Alantra’s Klima Energy Transition Fund is a €210 million late-stage venture fund supporting early-growth energy-tech companies. Klima’s mission is to drive breakthrough innovations that accelerate the global energy transition and combat climate change. Backed by key investors—including Enagás, Alantra, the European Investment Fund, Axis ICO, and CPPI—Klima provides strategic funding to companies revolutionizing clean energy and sustainable technologies.
About Industrifonden
Industrifonden is Sweden’s premier venture capital fund, focused on scalable, high-impact innovation. Managing over SEK 5 billion, the fund specializes in early-stage investments across the Nordic region, from seed funding to Series A. Industrifonden’s portfolio spans Deep Tech, Life Sciences, and Transformative Technologies, supporting visionary companies that drive meaningful societal advancements. As an evergreen fund, Industrifonden takes a long-term approach to value creation, fostering sustainable growth and technological breakthroughs.
About SEB Greentech VC
SEB Greentech Venture Capital is committed to investing in game-changing green technologies that significantly reduce greenhouse gas emissions and help safeguard planetary boundaries. Focusing on sectors like renewable energy, water management, sustainable agriculture, circular economy solutions, and waste reduction, SEB Greentech VC actively supports climate-positive innovation. Launched in 2020, the fund has made 11 strategic investments, with Echandia being the latest addition. SEB Greentech VC is part of SEB, a leading financial institution dedicated to sustainability.
About EEI
Energy & Environment Investment, Inc. (EEI) is Japan’s first and only venture capital firm exclusively focused on the environment and energy sectors. Since its founding in 2006, EEI has actively backed startups driving sustainability, investing in energy solutions and environmental technologies. The firm aims to catalyze innovation, foster business growth, and support high-impact startups, contributing to a sustainable global economy and a cleaner future.