Candela secures 40 million US dollars for emission-free hydrofoils

New markets, green future. Candela plans to bring electric ferries to Lake Tahoe and expand with fresh capital.

Stockholm, November 21, 2024 - Swedish company Candela has successfully closed a $40 million funding round to scale production of its electric hydrofoils and drive the decarbonization of water transportation.

Pioneers for zero-emission shipping

Candela is revolutionizing water transportation with its electric hydrofoils, which are not only emission-free, but also cost-efficient and faster than conventional vessels. With the latest investment, led by SEB Private Equity, EQT Ventures and KanDela AB, the company will be able to meet the increasing demand for its high-tech ferries and leisure boats.

This is the beginning of a zero-emission future in water transportation

Gustav Hasselskog, CEO and founder of Candela

Technological milestones

At the heart of Candela's success is the ground-breaking C-Foil technology: a computer-controlled hydrofoil solution that lifts the hull above the water, reducing energy consumption by 80% compared to other high-speed boats. This technology enables a unique combination of high speed (up to 25 knots) and long range.

Our technology offers not only environmental benefits, but also economic incentives to switch to zero-emission fleets. This is a defining moment for the planet

Gustav Hasselskog, CEO and founder of Candela

The Candela P-12, the world's first electric hydrofoil ferry, has already proven its capability in Stockholm's public transportation system. It halves commuting times and shows the potential to completely replace diesel consumption. Another milestone: the first P-12 is deployed in the USA at Lake Tahoe - the start of expansion into the North American market.

Growth financing for global expansion

With an order book that is filling up fast, Candela will use the funding to scale production at its Stockholm facility and enter new markets. Other projects include a fleet deal for Saudi Arabia's futuristic NEOM project, collaborations in Berlin and New Zealand, and more partnerships to be announced soon. In spring 2024, we reported on a successful round of €24.5 million for the startup.