Globally, waterborne transport accounts for 3% of greenhouse gas emissions—a challenge Candela aims to tackle with its revolutionary electric hydrofoil technology. This innovation enables operators to switch to sustainable electric vessels, providing shorter travel times, more frequent departures, enhanced comfort, and significantly reduced operational costs compared to traditional ships.
The new $14 million (€13 million) investment is led by by SEB Private Equity, a global Private Equity investor, with participation of existing investors EQT Ventures and KanDela AB. This brings Candela’s total funding for 2024 to $40 million (or €37 million), after a previous round this year.
“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 decarbonizing transport,” said Gustav Hasselskog, Candela’s founder and CEO.
The funding comes as Candela’s order book continues to grow rapidly. Recently, the company introduced the world’s first foiling electric ferry, the Candela P-12, into Stockholm’s public transport system. Here, the P-12 has already demonstrated its ability to halve commute times and showcase the potential to eliminate fossil fuel reliance in Stockholm city’s transport, where most emissions come from commuter vessels.
With a service speed of 25 knots, the P-12 is not only the fastest electric vessel in operation globally but also outpaces Stockholm’s diesel fleet. Thanks to a speed exemption due to its low wake signature, the P-12 can travel through the city center at high speed, linking suburbs with the capital.
Candela’s key innovation lies in its C-Foil, a computer-guided hydrofoil system with underwater wings that lift the hull above the water, reducing energy consumption by 80% compared to other high-speed vessels. This enables the rare combination of high speed and long electric range.
Reinforcing its leadership in maritime electrification, Candela recently marked the production of its 100th electric leisure hydrofoil vessel. The company is now aggressively targeting the rapidly expanding global market for electric waterborne transport, which is projected to reach $15.32 billion USD by 2032.
Candela has also secured a contract to bring high-speed electric hydrofoil transport to Lake Tahoe, marking the U.S. debut of its technology. Additionally, the company has closed a fleet deal to electrify water transport for Saudi Arabia’s NEOM project and announced partnerships in Berlin and New Zealand, with more customers to be revealed soon.
The funds will be used to scale up P-12 production at Candela’s Stockholm facility. The P-12’s design, optimized for cost-effective road transport, enables worldwide shipping. Additional production capabilities are also under consideration.
