Electric boatbuilder Candela raises additional $14m in series C funding
Swedish boatbuilder Candela has completed its Series C funding round, raising an additional $14m (€13m) from SEB Private Equity and existing investors EQT Ventures and KanDela AB, bringing the total raised in 2024 to $40m.
The funds will be used to scale production of the company’s electric hydrofoil vessels, designed to reduce energy consumption and greenhouse gas emissions in waterborne transport.
Gustav Hasselskog, founder and CEO of Candela, says: “This is the dawn of a zero-emission revival in waterborne transportation.”
Waterborne transport contributes around 3 per cent of global greenhouse gas emissions. Candela says its electric hydrofoil technology, incorporating its proprietary C-Foil system, aims to address this by offering high-speed, long-range vessels with significantly lower operational costs and environmental impact.
The hydrofoils lift the vessel’s hull above water, reducing energy consumption by an estimated 80 per cent compared to conventional ships.
“This investment, made during a challenging time for many companies, is a testament to Candela’s technology and its unique ability to solve the pressing issue of decarbonising transport,” Hasselskog adds.
The Candela P-12 Shuttle, the company’s commercial electric ferry, has been introduced into Stockholm’s public transport system. It offers a service speed of 25 knots, with a top speed of 30 knots and a range of 40 nautical miles. The vessel has halved commute times in trials and demonstrated potential for eliminating fossil fuels in urban transport.
Candela’s recently delivered its first P-12 to the United States for operation on Lake Tahoe, secured contracts for Saudi Arabia’s NEOM project, and established partnerships in Berlin and New Zealand. Global demand for electric ferries, projected to reach $15.32bn by 2032, aligns with Candela’s growth strategy.
Anders Jöngard, investment director at SEB Private Equity, states: “We are impressed by Candela’s journey bringing cutting-edge innovation to serial production, including the launch of the world’s first electric hydrofoil ferry. We believe the transition to a fossil-free economy will unlock significant growth opportunities.”
Candela manufactures its vessels, including the Candela C-8 leisure boat and P-12 Shuttle, at its Stockholm facilities. The company also develops its core technologies, such as the C-POD motor and Flight controller system, in-house.
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