Swedish maritime battery system supplier Echandia has received 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, bringing the total to $34 million.
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 climate change driving international regulations, such as the IMO’s carbon intensity targets, the EU Emissions Trading System, and tax reforms affecting maritime fuels, battery solutions are increasingly seen as critical for achieving compliance and boosting vessel efficiency.
“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.”
