Candela closes record funding round of €24.5m for electric hydrofoil ferry production
Candela has closed the largest funding round in its history with €24.5m (US$26.6) to expand production of its P-12 ferry.
Green boating investment
A key partner in the funding round was boat maker Groupe Beneteau. Other backers in the round include longtime investors EQT Ventures, Ocean Zero and Kan Dela. The new investment brings total funding since Candela’s inception to over €70m (US$75m).
The new investment round will help to scale up production to meet demand for the recently launched Candela P-12, the world’s first electric hydrofoil ferry.
Electric hydrofoil P-12
Candela’s computer-stabilized hydrofoil craft “flies” above the friction of water, using 80% less energy than other ships and boats, achieving long-range and high speed on battery power. At the same time, the boats offer operators lower operational costs to incentivize a transition to sustainable vessels.
Candela’s fully connected vessels also have an onboard flight controller that uses real-time data from sensors to counteract waves, eliminating motion sickness and discomfort. When foiling, the Candela vessel doesn’t create a wake and is therefore exempt from some speed restrictions, which opens up shorter travel times compared to conventional vessels. For example, on its maiden route in Stockholm, where from July it will cut travel times in half compared to road transportation and legacy diesel vessels.
The P-12’s hydrofoil tech is aid to cut lifetime emissions by 97.5% compared to diesel vessels, while simultaneously enabling operators to halve costs.
“Our investment perfectly aligns with Groupe Beneteau‘s ecological transition objectives, scaling up innovative solutions for more sustainable boating and unparalleled experiences. Candela’s technology, enabling significantly more efficient electric vessels, will transform waterborne transport into its next sustainable phase,” said Bruno Thivoyon, CEO at Groupe Beneteau.
“We couldn’t be more excited about having Groupe Beneteau on board. As the leading global boat company, their trust is a stamp of approval for our technology to transform waterborne transportation. We’re excited for the possibilities ahead,” said Gustav Hasselskog, founder and CEO of Candela. “We’ve spent years developing the technological maturity, and now we’re fit for scaling to commercial vessels. As in any industry, the fastest-scaling company will dominate the market.”
“EQT Ventures has steadfastly backed Candela‘s vision to accelerate the shift towards fossil fuel-free lakes and oceans since 2021. The launch of Candela’s P-12 vessels signifies a watershed moment in sustainable transport,” said Lars Jörnow, partner at EQT Ventures.
In related news, hydroelectric power generation company Meridian Energy recently signed a deal with Swedish company Candela to power the electric hydrofoil ferry P-12 set to be introduced to New Zealand’s Lake Manapōuri. Click here to read the full story.
