Candela, the Swedish company pioneering electric hydrofoil vessels, has secured a record-breaking €24.5 million funding round to ramp up production of its revolutionary P-12 ferry. This significant investment, the largest in Candela’s history, boasts a strategic partnership with Groupe Beneteau, the world’s leading boat manufacturer.
The maritime industry is a significant contributor to global greenhouse gas emissions, responsible for roughly 3%. Electrification efforts have been sluggish in both leisure and commercial sectors, largely due to the inefficiency of conventional boats and ships at high speeds.
Candela’s innovative hydrofoil technology disrupts this trend. Their computer-stabilized electric vessels “fly” above the water’s surface, reducing friction by a staggering 80% compared to traditional boats. This translates to extended range and high speeds achieved solely on battery power, a first for the maritime industry. Additionally, these vessels offer operators lower operational costs, further incentivizing the switch to sustainable alternatives.
These fully connected Candela crafts excel in choppy waters and environmentally sensitive waterways. They utilize an onboard flight controller that analyzes real-time sensor data to counteract waves, minimizing motion sickness and passenger discomfort. Furthermore, when in “foiling” mode, Candela vessels create minimal wake, enabling shorter travel times on routes where conventional craft are restricted by speed regulations.
“This investment aligns perfectly with Groupe Beneteau’s commitment to ecological transition,” says Bruno Thivoyon, CEO of the world’s largest boat manufacturer. “Candela’s technology will revolutionize waterborne transport by enabling significantly more efficient electric vessels, propelling us towards a new era of sustainable transportation.”
“Groupe Beneteau’s involvement is incredibly exciting,” echoes Gustav Hasselskog, Candela’s Founder and CEO. “Their trust in our technology serves as a significant validation of its transformative potential for waterborne transportation. We’re eager to explore the possibilities ahead.”
The fresh capital injection will be used to scale up production of the recently launched Candela P-12, the world’s first electric hydrofoil ferry. The P-12 marks a new chapter in waterborne transport, boasting the title of the first fast and long-range electric ferry available in the market. Its efficient hydrofoil technology delivers a 97.5% reduction in lifetime emissions compared to diesel-powered vessels, while simultaneously slashing operational costs in half for operators. Additionally, the minimal wake generated by the P-12 has resulted in exemptions from speed limits on certain routes, such as its upcoming maiden voyage in Stockholm. Here, the P-12 is expected to halve travel times compared to both road transportation and traditional diesel ferries.
The electric vessel market is poised for significant growth, with Fortune Business Insights projecting a market value of $14.2 billion by 2030. This surge is driven by strong government incentives aimed at decarbonizing shipping industries. Recent developments include the European Union incorporating maritime transport into its Emissions Trading System (ETS) in 2023, while countries like Norway are pushing for zero-emission fjords through mandates for electric ferries and boats.
“We’ve dedicated years to perfecting our technology and are now ready to scale up for commercial applications,” says Hasselskog. “As with any industry, the company that scales the fastest will dominate the market.”
This funding round adds to Candela’s existing €70 million raised since its inception. Alongside Groupe Beneteau, the round also saw participation from existing investors EQT Ventures, Ocean Zero LLC, and Kan Dela AB.
