Echandia will use the proceeds to expand sales capacity globally and scale up production at its facilities in Sweden and the United States.
The funding round was led by Klima, an energy transition fund managed by Spanish financial service firm Alantra and Swedish venture capital fund Industrifonden. Japanese venture capital firm EEI also participated.
Echandia was established in 2018 and has since developed cutting-edge battery systems for maritime transportation, shipping, and other heavy-duty applications where safety and resilience are critical.
The company works with shipyards and system integrators to equip newbuild and retrofit vessels with advanced battery solutions, enabling hybridisation, full-electric propulsion, and improved energy efficiency for large electrification projects worldwide.
“We are proud to have closed this large funding round with well-known investors, marking a major milestone. Our revenues grew fourfold in 2024 compared to 2023, and with our current sales pipeline, we expect our revenues to triple in 2025,” says Torbjörn Bäck, CEO of Echandia.
The company specialises in lithium-titanium-oxide (LTO) batteries, which are safer and more efficient than most other types of batteries.
“We have had the company on our radar for some time. Echandia has successfully solved some of the battery challenges related to maritime safety, size, and cycle life,” says Samira Aissi, Investment manager at SEB Greentech VC.
She says the maritime sector is experiencing a headwind in the move towards electrification, especially in Echandia’s niche and that their offering can help address that.
The investment in Echandia marks SEB Greentech VC’s eleventh investment since its inception in late 2020.
“We have a broad mandate to invest in innovative green technology solutions and can step in with seed capital and participate in later financing rounds. We want to help advance technologies that facilitate the green transition,” Aissi says.