Candela raises $20m to bring electric boats to mass production
Swedish electric boat manufacturer Candela has raised $20 million to bring its passenger hydrofoil vessels to mass production.
The SEK 210 million ($20M) investment is co-led by EQT Ventures and investor duo Joel Eklund (Fosielund Holding AB) and Svante Nilo Bengtsson (Marknadspotential AB), with participation from Ocean Zero LLC, among others.
The funds will be used to bring Candela’s foiling 30-passenger ferry Candela P-12 Shuttle to mass production in the company’s new Stockholm factory.
Flying above the surface on computer-guided hydrofoils, underwater wings, P-12 Shuttle uses significantly less electricity; 80% less energy than traditional vessels, which translates into a record range of 60 nautical miles on one charge at a cruising speed of 27 knots.
A recent life cycle analysis by Stockholm’s Royal Institute of Technology concluded that a P-12 ferry will emit 97.5% less carbon dioxide over its lifetime compared to a diesel vessel of the same size – a figure that includes emissions from production, operations over 30 years and recycling.
Gustav Hasselskog, Candela’s founder and CEO, said: “This new investment will unlock the potential of underutilized waterways for climate-friendly, high-speed commuting. The P-12 Shuttle will in many cases be faster and cheaper than land transport like bus lines, and it will be profitable for operators from day one.”
Candela is in sales discussions with more than 180 interested parties about the P-12 Shuttle systems. The first operator will be the Region of Stockholm, moving commuters between the suburb of Ekerö and central Stockholm. Travel times will be cut from currently 55 minutes by car, bus or conventional diesel ferry to just 25 minutes in the P-12. Since the vessel creates zero wake, it has received an exemption from the 12-knot speed limit on Stockholm’s urban waterways, resulting in more frequent departures compared to traditional ferries.
Lars Jörnow, Partner at investor EQT Ventures, said: “The P-12 Shuttle will be a game changer for passenger water travel. Candela is on a trajectory to become a generation defining company, revolutionizing the waterborne transportation market by offering the most climate friendly, low-cost and customer-delighting boating experiences in the world.”
“Candela’s tech stack is truly impressive. The experience of flying above the water in complete silence is just pure magic. This, while simultaneously reducing operational costs, will be key to speeding up the transition to sustainable waterborne transport,” said Svante Nilo Bengtsson, who will take a seat on the Board.
