World News
Echandia Wins $20 Million Funding to Scale Up Marine Battery Production
Swedish battery manufacturer Echandia has secured funding of SEK 220 million ($20.45 million) to boost production of its marine battery systems.
The newly raised capital will support Echandia’s global expansion and enhance its production capabilities in Sweden and the US, it said in a statement on its website on Monday.
In the US, the investments will focus on the recently announced production facility in Washington State, where Echandia plans to manufacture its advanced maritime battery systems.
Echandia has already provided battery systems for tugboats, ferries and waterbuses.
Battery and electrification technology in shipping is currently limited to smaller vessels operating on shorter routes, such as ferries and harbour craft.
While these vessels can efficiently run on battery power, the technology is not yet viable for large ocean-going ships operating on long distances.
The energy density of current batteries and the lack of charging infrastructure make full electrification currently impractical for deep-sea shipping, where alternative low-emission marine fuels are being explored.
"The funding round was 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," Echandia said.
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