Echandia Secures SEK 325 Million in Funding to Advance Maritime Electrification

Swedish maritime battery systems manufacturer Echandia has announced the successful close of its latest funding round, raising a total of SEK 325 million (approximately USD 34 million). The round includes a new investment from S2G Investments, a U.S.-based multi-stage investment firm with a focus on ocean-related innovations. The financing marks a significant milestone in Echandia’s efforts to scale its technology and expand internationally, particularly in the North American market.

The funding will support Echandia’s ongoing expansion, including scaling up production at its newly established facility in Marysville, Washington. Additional investment will go toward advancing R&D to improve the performance and lifespan of its proprietary Lithium Titanate Oxide (LTO) battery systems.

“This investment is a major step forward for Echandia,” said CEO Torbjörn Bäck. “With S2G on board, we gain a partner with deep domain knowledge in maritime decarbonisation and clean energy transitions. Our entry into the U.S. market is critical, and this partnership positions us to deliver high-performance battery systems that help maritime operators reduce emissions and improve fuel efficiency.”

Echandia’s LTO battery systems are engineered specifically for demanding maritime environments. The technology offers high safety standards, extended operational life, and minimal maintenance, making it well-suited for vessels such as ferries, tugboats, RoRo/RoPax ships, and offshore workboats. The company’s customer base includes system integrators like Siemens and ABB, as well as operators such as Denmark’s Molslinjen and San Francisco’s WETA.

In 2024, Echandia’s revenue quadrupled, and the company expects to triple its revenue again in 2025. Growth is being fueled by tightening emissions regulations, including the International Maritime Organization’s carbon intensity requirements and the expansion of the EU Emissions Trading System to cover maritime fuels.

Echandia was also selected in 2024 to provide battery systems for the San Francisco Bay Ferry’s REEF (Rapid Electric Emission Free) Program. The initiative will launch the first high-speed, zero-emission ferries in the U.S., with battery deliveries slated to begin in 2026.

Kate Danaher, Managing Director of S2G’s oceans strategy and newly appointed Echandia board member, emphasized the impact of the company’s work:

“Echandia is tackling one of the most critical challenges in maritime decarbonisation with practical, field-proven solutions. Electrification presents one of the fastest, most scalable opportunities to cut emissions across the global fleet, and Echandia is uniquely positioned to lead this transition.” With this strategic investment, Echandia aims to further accelerate the deployment of clean battery technology for maritime applications, contributing to the broader shift toward zero-emission transport across global waterways.