Candela secures €25M to expand production of electric ferries

Stockholm-based startup Candela, a pioneer in electric vessel technology, has secured a record €25 million investment.

The funds will be used to scale up production and meet the growing demand for its innovative hydrofoil ferries.

Due to their hydrofoil design, Candela’s electric vessels use less energy than conventional boats, making them more sustainable and efficient.

Groupe Beneteau, a prominent international boat manufacturing company, is among the new investors in our latest funding round, along with EQT Ventures, Ocean Zero LLC, and Kan Dela AB, who have shown continued support.

With this investment, Candela is poised to revolutionize waterborne transport with its electric hydrofoil ferries. Since its establishment, Candela has raised more than €70 million in total funding.

Future of Electric Vessels and Candela

By 2030, the electric vessels market is projected to reach a value of $14.2 billion, as indicated by Fortune Business Insights. This growth is fueled by robust national incentives to decarbonize the shipping industry. Initiatives such as the European Union’s inclusion of maritime transport in its Emissions Trading System (ETS) in 2023 and Norway’s efforts to mandate electric ferries and boats for zero-emission fjords underscore the momentum towards electrification in the maritime sector.

The electric hydrofoil ferry, Candela’s latest P-12 model and the world’s first of its kind will bring substantial savings in emissions and running costs over traditional diesel vessels throughout its lifespan.

Thanks to its efficient hydrofoil technology, the P-12 drastically reduces lifetime emissions by 97.5% compared to diesel vessels. Additionally, operators can enjoy a 50% reduction in costs. The minimal wake generated by the P-12 has led to exemptions from speed limits, notably on its inaugural route in Stockholm. Starting in July, this innovative vessel will halve travel times compared to road transport and traditional diesel vessels, showcasing its efficiency and environmental benefits.

The new investment will help Candela meet the demand for P-12 vessels, which have already received orders from cities worldwide.

The innovative hydrofoil technology used in Candela’s vessels has been game-changing. It allows them to fly above the water friction and reduce energy consumption by up to 80%.

With this €25 million investment, Candela is well-positioned to lead the shift towards sustainable waterborne transportation and significantly reduce greenhouse gas emissions from this sector.