Stockholm, Sweden – Candela, the pioneering Swedish manufacturer of electric hydrofoil boats, has successfully closed its largest funding round to date, securing €30 million. This substantial investment is earmarked to finance the construction of a second manufacturing facility, crucial for significantly scaling production and meeting the burgeoning global demand for its innovative zero-emission vessels.
Founded in 2014, Candela has rapidly distinguished itself in the marine industry by ingeniously combining electric propulsion with sophisticated hydrofoil technology. This unique synergy enables its vessels to achieve high speeds while consuming dramatically less energy, offering a silent, emission-free, and remarkably efficient alternative to traditional waterborne transport.
Revolutionising Marine Transport with Electric Hydrofoil Boats
The core of Candela’s innovation lies in its electric hydrofoil boat technology. Unlike conventional boats that push through water, Candela’s vessels, such as the P-12, lift their hulls above the water’s surface on foils at speed. This elevation critically reduces hydrodynamic drag, which is the primary impediment to efficiency in marine travel.
According to the company, this advanced design allows the P-12 to cut energy consumption by up to 80 per cent compared to traditional vessels. The reduction in drag also minimises wave impact, ensuring a smoother and more comfortable ride for passengers, even in choppy waters.
Beyond efficiency, this technological leap directly contributes to significantly reduced travel times and offers an unparalleled zero-emission footprint, positioning Candela as a leader in sustainable marine mobility. The adoption of such electric hydrofoil boats is vital for decarbonising waterways worldwide.
The Impact of the Candela P-12 Nova
Candela’s flagship model, the P-12 “Nova,” is already transforming urban waterways. In Stockholm, the P-12 has been deployed to offer a fast, silent, and entirely emission-free commuting experience across the city’s extensive water network. Its operation has not only enhanced urban mobility but also set new benchmarks for environmental performance.
The P-12 has demonstrably halved travel times for commuters in Stockholm, dramatically improving the efficiency of public water transport. Furthermore, its electric propulsion system has slashed carbon dioxide emissions by an impressive 94 per cent when compared to traditional diesel-powered vessels operating on similar routes.
The success of the P-12 is not confined to Sweden’s capital. The innovative electric hydrofoil boat has also been successfully deployed in other key Nordic cities, including Gothenburg in Sweden, and Oslo and Trondheim in Norway. These deployments underscore the P-12’s versatility and effectiveness across diverse urban and environmental conditions.
Significant Funding Bolsters Global Expansion Plans
The latest funding round, which injects €30 million into Candela, represents a pivotal moment for the company’s ambitious growth trajectory. This infusion of capital brings Candela’s total funding to an impressive €129 million since its inception, highlighting sustained investor confidence in its vision and technology.
A key contributor to this round is the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, which committed €8 million. The IFC’s involvement signals a strong endorsement of Candela’s potential to drive sustainable development and climate solutions on a global scale, particularly within the transportation sector.
Existing shareholders also participated, reaffirming their commitment to Candela’s pioneering efforts in the electric boat market. This collective investment empowers Candela to embark on its next phase of expansion, solidifying its position at the forefront of the marine electric revolution.
Scaling Production to Meet Surging Demand
The primary objective for this substantial funding is to finance a second state-of-the-art manufacturing facility. This expansion is critical for Candela to significantly scale its production capabilities and meet the rapidly escalating global demand for its electric hydrofoil boats.
With serial production already underway and the first customer deliveries commencing this month, the need for increased capacity is immediate. Candela currently boasts a robust order book exceeding 65 vessels, indicating a strong market appetite for its high-performance, eco-friendly marine solutions.
The demand for Candela’s innovative vessels spans multiple continents, with orders originating from diverse international markets. These include island nations and coastal regions keen on sustainable transport, such as India, the Maldives, Saudi Arabia, and Thailand. This global interest underscores the universal appeal and practical application of advanced electric hydrofoil boats.
Redefining the Future of Waterborne Transport
Gustav Hasselskog, founder and CEO of Candela, articulated the profound impact of their work: “From a physics perspective, ships have been essentially the same for hundreds of years. 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.”
Hasselskog’s vision underscores Candela’s role in a paradigm shift, moving beyond incremental improvements to fundamentally reimagine marine travel. By creating a new class of vessel, Candela is enabling urban planners and transport authorities to unlock the full potential of waterways, offering solutions that are both environmentally sustainable and economically viable.
The ability to escape the ‘fossil-fuel cost trap’ is particularly resonant in an era of fluctuating energy prices and increasing environmental regulations. Candela’s electric hydrofoil boats provide a compelling alternative, promising long-term operational savings and adherence to stringent emission standards.
Charting a Sustainable Course
Candela’s latest funding round marks a significant milestone not just for the company, but for the broader transition towards sustainable marine transport. The investment solidifies its capacity to mass-produce its groundbreaking electric hydrofoil boats, paving the way for their wider adoption across public and private sectors globally.
As cities and nations increasingly prioritise decarbonisation and seek efficient, clean mobility solutions, Candela’s advanced electric hydrofoil boats offer a powerful answer. The expansion of its manufacturing capabilities will undoubtedly accelerate the global shift towards a greener, more efficient future for waterborne travel, proving that innovation can indeed redefine centuries-old industries.