Stockholm-based Candela, a pioneer in electric hydrofoil boats and ferries, has raised an additional €13.3 million ($14 million USD) in its Series C funding round. This brings the company’s total funding for 2024 to over $40 million USD.
The funding will be used to scale production at Candela’s Stockholm facility and expand into the US market, starting with the deployment of its Candela P-12 electric ferry on Lake Tahoe.
Revolutionizing Waterborne Transport
The cutting-edge hydrofoil technology reduces energy consumption by 80% compared to traditional vessels. Its flagship Candela P-12, the fastest electric ferry in operation, offers speeds up to 25 knots and reduced commute times while operating at significantly lower costs.
CEO Gustav Hasselskog emphasized the importance of the investment: “Our technology offers a strong economic and environmental incentive for switching to zero-emission fleets, marking the dawn of a zero-emission era in waterborne transportation.”
Advertisement
Backing from Industry Leaders
The funding round was led by SEB Private Equity with participation from EQT Ventures and KanDela AB.
Anders Jöngard, Investment Director at SEB Private Equity, remarked, “Candela is setting new standards in emission-free transportation, transforming waterborne mobility with innovation and scalability.”
Expanding Global Reach
The startup has already deployed its technology in Stockholm’s public transit system, cutting commute times and emissions. It has also secured contracts to bring electric hydrofoil ferries to Lake Tahoe and electrify water transport for Saudi Arabia’s NEOM project.
The company recently celebrated producing its 100th leisure hydrofoil vessel and continues to partner with operators in Berlin, New Zealand, and beyond.
A Growing Leader in Electric Watercraft
Founded in 2014, the swedish firm employs over 200 engineers and technicians and operates two factories in Stockholm. Its hydrofoil technology, combined with proprietary innovations like the C-Foil system, enables long-range, high-speed, and sustainable travel.
With a global market for electric ferries projected to reach $15 billion by 2032, the company is poised to lead the decarbonization of waterborne transport worldwide.
