US investor supports Echandia’s maritime electrification vision

Swedish maritime battery system supplier Echandia has received long-term funding from the US-headquartered multi-stage investment firm S2G Investments (S2G), thus marking the ‘next phase’ of the former company’s vision to speed up worldwide maritime electrification efforts.

The investment is set to go toward scaling up Echandia’s production capacity and ‘strengthening’ the company’s foothold in the United States market, while also advancing its research and development (R&D) initiatives aimed at extending the performance of its technology.

“This is a major milestone for Echandia and we are excited to accelerate our global expansion with S2G on board,” Torbjörn Bäck, Chief Operating Officer of Echandia, commented.

“With North America serving as a critical growth region, we believe we’re well-positioned to help operators cut emissions and hedge against fuel price volatility, while enhancing vessel performance.”

S2G is reportedly Echandia’s ‘first’ investor with headquarters in the North American country. The development comes just less than a year since the Swedish marine technology player inaugurated a new production facility in Marysville, Washington.

The agreement with S2G is also not the first instance of collaboration between Echandia and US-based companies that are active in the maritime industry. Just weeks after opening the facility in Washington, Echandia inked a deal with San Francisco Bay Ferry to supply maritime battery systems for the latter’s Rapid Electric Emission Free (REEF) ferry program.

The facility in Marysville is to provide American-made batteries for San Francisco Bay’s vessels, ensuring compliance with Federal Transit Administration (FTA) requirements. As informed, this means that Echandia’s batteries, which are built on lithium titanate oxide (LTO) systems, will satisfy Buy America provisions. The provisions mandate that a specific portion of components be produced in the United States.

The REEF program envisions deploying ‘the first’ high-speed zero-emission ferries in the US. Battery handovers are planned to commence in 2026.

To remind, the investment from S2G comes as part of Echandia’s recent funding round, revealed in March 2025, bringing the total financing amount to SEK 325 million (around $34 million). When the Stockholm-based company closed the first round, the financing was valued at $20.6 million.

As disclosed at the time, the money raised will be used for expansion efforts both at home, in Sweden, and across the Atlantic, in the US. The inaugural round was led by Spanish financial services firm Alantra’s energy transition fund Klima, alongside Swedish venture capital fund Industrifonden.

As noted, Sweden’s SEB Greentech VC and Japanese venture capital firm EEI are also anticipated to add to the financing.