Echandia, the Swedish leader in maritime battery systems, announce a new long-term investment from S2G Investments, a multi-stage venture firm with a dedicated oceans strategy. This investment expands Echandia’s March 2025 funding round to SEK 325 million (USD $34 million), reinforcing its mission to accelerate maritime electrification worldwide.
S2G is Echandia’s first U.S.-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 U.S. market presence, and advance R&D initiatives aimed at extending the performance and durability of its technology.
“This is a major milestone for Echandia and we are excited to accelerate our global expansion with S2G on board,” said Torbjörn Bäck, CEO of Echandia. “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 advanced Lithium Titanate Oxide (LTO) battery systems are purpose-built for the unique 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. Its technology powers a range of vessel types, including ferries, tugboats, RoRo/RoPax ships, and offshore workboats, enabling both fully electric and hybrid propulsion. Its 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 Emissions Trading System, 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) Program, which will deploy the first high-speed, zero-emission ferries in the U.S. Battery deliveries are scheduled to begin in 2026.
“At S2G, we view electrification as one of the most immediate and scalable pathways to decarbonize a significant portion of the 100,000+ vessels that make up the global maritime fleet,” said Kate Danaher, Managing Director of S2G’s oceans strategy and member of Echandia’s board of directors. “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.”
