Swedish maritime battery system supplier Echandia has secured new long-term financing from S2G Investments, a multi-stage firm with a dedicated oceans strategy.
The investment is made as part of Echandia’s most recent funding round, announced in March 2025, and brings the total funding round to SEK 325m (US$ 34m). It marks a milestone in the company’s mission to accelerate maritime electrification worldwide.
S2G is Echandia’s first US-based investor, aligning with the company’s growing presence in North America, including its new production facility in Marysville, Washington. The investment will fund the scale-up of Echandia’s production capacity, accelerate its US market presence, and advance R&D initiatives aimed at extending the performance and durability of its technology.
Torbjörn Bäck, CEO Echandia, said: “This is a major milestone for Echandia and we are excited to accelerate our global expansion with S2G on board. S2G brings deep experience in maritime and energy system transitions, and we’re proud to have a mission-aligned partner supporting our growth. 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.”
Echandia’s Lithium Titanate Oxide (LTO) battery systems are purpose-built for the demands of maritime operations, offering high safety, long lifespan, and low maintenance performance in heavy-duty environments where today’s conventional lithium-ion or diesel systems often fall short. The technology powers a range of vessel types, including ferries, tugboats, ro-ro/ro-pax ships, and offshore workboats, enabling both fully electric and hybrid propulsion. Customers include global system integrators like Siemens and ABB, as well as operators such as Molslinjen (Denmark) and WETA San Francisco.
Echandia’s revenue quadrupled in 2024 and is projected to triple again in 2025, driven by strong market demand and an expanding order pipeline. With pressure mounting from international regulations, such as the IMO’s carbon intensity targets, the EU ETS, and tax reforms affecting maritime fuels, battery solutions like Echandia’s are increasingly seen as critical for achieving compliance and boosting vessel efficiency.
Echandia’s momentum in North America continues to grow. In 2024, the company was selected to supply battery systems for the San Francisco Bay Ferry’s REEF (rapid electric emission free) programme, which will deploy the first high-speed, zero-emission ferries in the US Battery deliveries are scheduled to begin in 2026.
Kate Danaher, MD S2G oceans strategy and member of Echandia’s board of directors, said: “At S2G, we view electrification as one of the most immediate and scalable pathways to decarbonise a significant portion of the 100,000+ vessels that make up the global maritime fleet. Their team understands the complexities of the sector and is delivering practical, durable solutions at scale. We’ve seen that their technology is already proving itself in the field, and their growth trajectory reflects the urgency and opportunity in this space. We’re proud to support their expansion and help accelerate the transition to zero-emission maritime transport.”
Image: Echandia battery system (source: Echandia)
