Candela signs landmark deal with electric car maker Polestar

Swedish electric car maker Polestar will provide battery and charging systems for Candela’s hydro foiling boats in a deal that will enable Candela to scale up production swiftly, bringing mass-market electric boats one step closer to reality.

The two Swedish companies have called the deal a ‘watershed moment for electrification at sea’.

The deal lets Candela tap into state-of-the art automotive battery technology and scale up production of its electric boats.

“To make electric boats mainstream, we need to build thousands of boats every year. Working together with Polestar, we’re able to bring the scale of production and world-class engineering from the automotive industry to the marine sector,” says Gustav Hasselskog, Candela CEO and founder.

By combining Polestar’s batteries with Candela’s pioneering electric hydrofoil technology, both companies aim to propel the growth of sustainable electric mobility in society.

“I am fascinated by way Candela’s boats glide elegantly and efficient through, or better, over the water – amazing proof of the great aesthetics and experiences modern, sustainable technology can create. That Polestar will be part of future projects with Candela by supplying an essential part for the innovative propulsion of their boats, is awesome. As a battery supplier to Candela, we can help drive the transition to cleaner oceans and lakes, and electrify waterborne transport,” says Thomas Ingenlath, Polestar CEO.

The deal between the two Swedish companies is an attempt to overcome the two major hurdles for electrifying boating. The first hurdle is the massive energy consumption of conventional powerboat hulls, which so far has resulted in the poorer performance of electric boats. Candela says it has overcome this hurdle with its hydrofoil technology, which cuts energy usage of powerboats by up to 80 per cent.

The second hurdle has been the prohibitively high cost of marine batteries for electric boats.

Electric boatbuilders typically have so far relied on smaller, boutique vendors of marine battery packs. Scarcity and high unit costs of these packs are two factors that have prevented electric boats from achieving parity with ICE vessels.

“Thanks to the partnership with Polestar, we’re able to secure state-of-the-art battery packs for our production ramp-up. As the number of electric vehicles increases worldwide, a steady battery supply will become increasingly important to hold a competitive edge and allow us to compete with combustion engine boats,” says Hasselskog.

Candela was founded in 2014 by engineer Hasselskog and introduced its first production model, Candela C-7, in 2019. With a range of 50 nautical miles at 20 knots, the C-7 set several world records for electric boats. The limited production run of 32 units ended in 2021.

In 2021, Candela launched the bigger, high-volume production Candela C-8. With space for eight passengers, it has a range of 50 nautical miles at 22 knots and a top speed of 30 knots. Powered by the Candela C-Pod, an electric pod motor developed in-house by Candela’s 50-strong engineering team, it is 400% more efficient than other powerboats on the market. With more than 150 units ordered to date, the C-8 is currently the best-selling electric premium boat.

In 2022, Candela is launching the Candela P-8 Voyager taxi boat and the P-12 Shuttle electric ferry, which will bring the company’s revolutionary electric hydrofoil technology to commercial vessels.

The company also raised €24 million from EQT Ventures and is now moving into a new production plant where the P-series commercial vessels and C-series leisure boats will be produced.

Candela’s vessels use computer-guided hydrofoils – underwater wings that lift the hull above the surface, designed to help overcome the friction of water. Flying above the water’s surface at 30 knots, the Candela C-8 and P-8 Voyager use up to 80 per cent less energy than conventional boats of the same size, thanks to much reduced water friction.

The boatbuilder says the battery supply agreement is just the beginning of a broader intended partnership between Polestar and Candela, with both companies committed to exploring further opportunities for future collaboration.