Candela receives 24.5 million euros

Find out how the partnership between Candela and boat manufacturer Groupe Beneteau is driving the production of the electric P-12 ferry. Dive into the future of shipping that is faster, greener and more cost-efficient.

Stockholm, March 2024 - The Swedish company Candela, specialized in the development of electric hydrofoil vessels, has successfully closed a financing round of 24.5 million euros. The aim of this financing is to expand the production capacity of the P-12 ferry, an electrically powered hydrofoil vessel. The investors include Groupe Beneteau, a global boat manufacturer.

Technological breakthrough for lower emissions

The challenge of electrification in the maritime sector, which is responsible for 3% of global greenhouse gas emissions, is addressed by Candela's technology. Their vessels use hydrofoil technology to reduce energy consumption by 80% compared to conventional vessels, which can lead to an increase in range and speed while reducing operating costs.

Candela's vessels feature a flight controller and sensors that collect real-time data to counteract wave motion, making the journey more comfortable even in rough seas. Hydrofoil technology allows the vessels to glide quickly over the water without creating large waves, allowing them to travel faster in some areas as they are exempt from certain speed limits.

Groupe Beneteau sees the investment in Candela as a strategic addition to its own sustainability goals and a commitment to more advanced and environmentally friendly boat models.

Future prospects and market potential

The financing is intended in particular to support the expansion of production of the P-12 ferry, which is considered to be the world's first fast, long-distance electric ferry. The P-12 can reduce emissions by up to 97.5% compared to conventional diesel ferries, thereby significantly lowering operating costs. The ferry has already been praised for its low wave generation and the associated ability to travel faster than conventional ferries.

The market for electric vessels is expected to reach USD 14.2 billion by 2030, driven by regulatory incentives to reduce emissions in the shipping sector. Candela plans to capitalize on these developments and has already achieved significant total funding since the company's inception.