Echandia – a supercharged voyage across the seas

It’s happening now – electric propulsion is steadily reshaping the shipping industry. At the heart of it all stands a Swedish company specializing in high-performance, maritime battery systems. Echandia’s rise has been remarkable: doubling its staff and increasing its turnover from 27 million to 280 million SEK in just over a year.

“In a few years’ time, we will absolutely be a billion SEK company”, says CEO, Torbjörn Bäck.

But let’s start from the beginning.

Magnus Eriksson, Echandia’s founder and Chief Strategy Officer, slipped into the maritime sector on that infamous banana peel. Sure, the technical curiosity had always been there – and Stockholm’s Royal Institute of Technology (KTH) felt like a perfect match for his university studies. But when choosing a specialisation, things weren’t quite as clear.

”It was more or less: ’I’ll probably go with Naval Architecture because I like boats’”, laughs Eriksson.

Said and done.

Upon finishing his degree, Eriksson began working at the Swedish Defence Materiel Administration – Försvarets materielverk – as a submarine designer. It was in this role that the seed of what would eventually grow into Echandia was first planted.

“Submarines have used electric propulsion for over a century, and hybrid energy systems and electric motors are standard in submarine design. I saw an opportunity to transfer this knowledge to civilian applications, especially in light of climate concerns.”

His original idea was to build energy-efficient, electric leisure boats, but he realised that the technology was too expensive for private consumers. This led him to move towards the maritime industry, and with the founding of Echandia in 2018, he began focusing exclusively on high-performance battery systems for heavy duty applications.

Torbjörn Bäck, CEO at Echandia came onboard in 2024, bringing extensive experience from global industrial companies, including leadership roles at Nederman, Camfil, and a startup pioneering waterless textile dyeing.

“I wanted to join because it allowed me to combine my passion for technology, international business, and making a positive climate impact”, says Bäck.

Now Echandia is truly making waves. Its technology has been proven in projects across Europe, Asia, and North America, it has completed a successful investment round, and a U.S. office has been established. In addition, staff has nearly doubled – from around 40 members in 2024, to 80 in 2025 – while turnover has surged.

So, what’s the secret behind the company’s strong forward motion?

Battery technology combined with intelligent systems 

Echandia’s battery technology is built around lithium-titanate (LTO) cells, known for exceptional safety, fast charging, and a long lifespan. It can be used in both full electric propulsion and hybridisation cases and is suitable for newbuilds as well as retrofits.

“We can deliver a much smaller battery system, compared to our competitors, meaning you only need to rebuild one engine room. Our system is smaller, more cost-effective, lasts longer, and is the safest in the industry”, says Eriksson.

But according to the Echandia duo, the real added value lies in the company’s integration of advanced hardware and intelligent software – such as the modular design, the air-cooling solution and the custom algorithms enabling real-time control, dynamic power management and long-term reliability.

The case portfolio is diverse, too, and includes electric ferries in India, a major electrification initiative in San Francisco Bay, and battery systems for Nato naval vessels. The retrofitted M/S Hamlet, serving the Helsingør–Helsingborg route, is soon to be commissioned – and a new battery system for a Scandlines ferry is currently being assembled at the company’s red-brick headquarters in Bromma, Stockholm.

“I’m proud of what we’ve achieved with relatively few resources. Compared to many others, we’ve come incredibly far”, says Eriksson.

 

Financing propelling the company onwards

In the early days of Echandia, much of the funding came from “friends, family, and family offices”.  During the last years, financing has become significantly easier, culminating in a 300 million SEK investment round, completed in the first half of 2025. Among the investors were Industrifonden, Klima, S2G, EEI and SEB Greentech VC.

"This gives us an opportunity to develop new products, establish a presence in multiple countries, and build a production apparatus that can handle large-scale systems. In addition, the capital and strong investor portfolio give us the credibility to qualify for larger deals globally", Bäck says.

All in all, the atmosphere at Echandia is one of momentum and optimism.

“In a few years’ time, we will absolutely be a billion SEK company”, Bäck continues. “And we mustn’t forget to mention our colleagues. We’ve managed to build a team full of great people from different industries, including the maritime sector and the battery side. There’s a mix of ages and experiences, which creates a very exciting melting pot. It’s the team that builds the company.”