Candela raises €30m to build new factory as production increases
The first Candela P-12 vessel bound for Mumbai performs sea trials outside Candela’s Stockholm R&D centre, 17 March 2026
Electric vessel manufacturer Candela has raised €30m in a funding round to expand its production capacity, including the construction of a second manufacturing facility.
The latest funding round includes participation from existing investors EQT Ventures, SEB Private Equity, KanDela AB and Ocean Zero LLC, alongside a new investment from the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, which contributed €8m.
The latest round brings the company’s total funding to €129m, which the firm says makes it ‘the best-funded electric vessel manufacturer globally.’ Proceeds will be used to support increased production of the Candela P-12 hydrofoiling ferry and wider market deployment.
The funding follows the introduction of the P-12 into public transport networks in Stockholm, Gothenburg, Oslo and Trondheim. According to the company, the vessel has lower operating costs and shorter travel times than diesel ferries.
“From a physics perspective, ships have been essentially the same for hundreds of years,” says Gustav Hasselskog, founder and CEO of Candela. “We’re redefining waterborne transport by effectively creating a new category of vessel. This allows cities and municipalities to finally take full advantage of waterways – while escaping the fossil-fuel cost trap that has long prevented them from being used efficiently.”
The P-12 uses a computer-controlled hydrofoil system and C-POD electric motors designed to lift the hull above the water. Candela says this configuration can reduce energy consumption by up to 80 per cent compared with conventional vessels, while producing minimal to no wake.
The company reports that more than 65 vessels are currently on order, with deliveries beginning this month. From 2026, deployments are planned in multiple regions, including Mumbai, the Maldives, Saudi Arabia and Thailand. In Mumbai, India, Candela states that a planned fleet of 10 vessels could reduce travel time between Navi Mumbai Airport and the city centre from around 2 hours to 35 minutes.
Candela is using a serial production approach based on a platform design for carbon-fibre vessels. The second manufacturing facility is planned for Poland.
“By moving away from small-series production – which inevitably drives high costs – we’ve built a platform that serves multiple markets,” says Hasselskog. “This allows us to deliver technologically advanced carbon-fibre vessels with industry-leading operating costs at a competitive price point, freeing operators from the cost trap of fossil-fuel ships.
“In a market where climate tech funding is down around 50 per cent since 2021, raising our largest round ever sends a clear signal: the transition is moving beyond subsidies and green premiums. Our vessels win on cost and performance, and that’s why investors are backing Candela. I’m truly grateful for that trust.”
Farid Fezoua, IFC director for equity, funds and venture capital, adds: “This investment reflects IFC’s commitment to advancing innovative transportation solutions in emerging markets.
“By supporting Candela’s expansion, we aim to accelerate the adoption and early deployment of breakthrough maritime technology in emerging markets, mobilise private capital, create high-value jobs and enable more efficient water-based mobility.”
Simone Hirschvogl, investment director at SEB Private Equity, comments: “We are thrilled to further support Candela on this next phase of growth, with strong progress in both technology deployment and commercial growth. The company has demonstrated global demand, with sales across the Nordics, the US and key Asian markets. We have strong conviction in Candela and look forward to supporting the next phase of its global expansion and its commitment to a more sustainable future.”
Marnix van der Ploeg, managing director at EQT Ventures, says: “Rising fuel costs are fundamentally changing the economics of waterborne transport.
“Candela’s hydrofoil technology dramatically lowers operating costs, making electric vessels commercially superior to traditional ferries. That’s why we backed the company early and are proud to continue supporting the team as they scale production globally.”
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