The company has reached a major milestone with the sale of its first Candela P-12 ferry to the United States, where it will operate on Lake Tahoe. This marks the beginning of Candela’s expansion into the $15 billion electric ferry market, aiming to transform urban and commuter water transport.
Pioneering sustainable waterborne transport
“This is the dawn of a zero-emission revival in waterborne transportation,” said Gustav Hasselskog, founder and CEO of Candela.
Globally, waterborne transport accounts for 3% of greenhouse gas emissions. Candela’s innovative electric hydrofoil technology is designed to tackle this challenge, offering shorter travel times, increased service frequency, enhanced passenger comfort, and up to 80% lower operating costs compared to traditional vessels.
The Candela P-12, introduced into Stockholm’s public transport system, is a shining example of the technology’s potential. It reduces commuter travel time by half while eliminating fossil fuel reliance. The P-12 achieves a top speed of 25 knots, making it the fastest electric vessel in operation globally. Its low wake signature allows it to navigate city centers where conventional boats are restricted, linking suburbs to city hubs efficiently.
Series C funding details
The $14 million Series C funding round was led by SEB Private Equity, with participation from existing investors EQT Ventures and KanDela AB. This funding underscores investor confidence in Candela’s ability to spearhead the decarbonisation of maritime transport.
“This investment, made during a challenging economic climate, highlights the strength of Candela’s technology and its pivotal role in decarbonising global transport,” added Hasselskog.
Anders Jöngard, Investment Director at SEB Private Equity, said:
“We are excited to partner with Candela. Their cutting-edge innovation in hydrofoil technology has set new standards for emission-free waterborne transport. As we move towards a fossil-free future, Candela’s solutions offer significant growth potential, and we are committed to supporting their expansion for a more sustainable world.”
Rapid expansion and global projects
Candela’s production is scaling rapidly to meet increasing demand. The company recently celebrated the manufacture of its 100th electric leisure hydrofoil vessel and is targeting the growing global market for electric waterborne transport, projected to reach $15.32 billion USD by 2032.
The company’s technology is making international waves:
- The Candela P-12 will debut in the U.S. on Lake Tahoe.
- Fleet electrification projects are underway for Saudi Arabia’s NEOM smart city.
- New partnerships have been announced in Berlin and New Zealand, with further customer announcements expected.
Revolutionising maritime technology
At the core of Candela’s innovation is its C-Foil hydrofoil system, a computer-controlled design featuring underwater wings that lift the vessel above water, drastically reducing drag and energy consumption. This enables high-speed travel with extended electric range, making it a game-changer for maritime operations.
With plans to scale production at its Stockholm facility, Candela is also exploring additional manufacturing capabilities to meet global demand. The P-12’s design allows for efficient road transport, ensuring cost-effective worldwide shipping.
Building a fossil-free future
“In every sector, we must move quickly to decarbonise,” said Hasselskog. “Candela’s technology offers a compelling economic case for zero-emission fleets while unlocking the potential of waterways to reduce road congestion and support multi-modal urban transport. This investment arrives at a critical moment for the planet.”
Lars Jörnow, Partner at EQT Ventures, concluded:
“Candela is leading the shift to fossil-free transportation on water, just as electric vehicles have transformed transport on land. Their advanced hydrofoil technology makes the transition to clean, efficient waterborne travel a reality.”
As Candela continues to drive innovation in sustainable maritime transport, its latest achievements position the company as a global pioneer in the fight against climate change, setting a new standard for the industry.
Learn more about on Boating New Zealand and Candela.
