Swedish electric hydrofoil boat maker Candela has secured its largest funding round to date to finance a second manufacturing facility and scale production.
Candela, founded in 2014, has made a name for itself thanks to its combination of electric propulsion and hydrofoil technology that delivers high speed and zero emission vessels with increased energy efficiency and significantly reduced travel times.
According to the company, the P-12 cuts energy use by up to 80 per cent by combining electric propulsion with hydrofoil technology, which lifts the vessel above the water to reduce drag and minimise wave impact.
The Candela P-12 “Nova” is already in service across Stockholm’s waterways, offering a fast, silent, and emission-free commute around the city. The P-12 has also halved travel time and dramatically cut carbon dioxide emissions by 94 per cent compared to traditional diesel vessels. The P-12 has also been deployed in Gothenburg, Oslo, and Trondheim.
Candela hopes to scale production of the P-12 to meet growing global demand and announced late last week that it had closed a €30 million funding raise to finance a second manufacturing facility.
This latest round of funding brings the company’s total capital raised to €129 million since its inception.
Candela was backed by all of its existing shareholders along with new investor the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, which contributed €8 million.
“From a physics perspective, ships have been essentially the same for hundreds of years,” said Gustav Hasselskog, founder and CEO of Candela.
“We’re redefining waterborne transport by effectively creating a new category of vessel. This allows cities and municipalities to finally take full advantage of waterways—while escaping the fossil-fuel cost trap that has long prevented them from being used efficiently.”
Serial production is already up and running and first customer deliveries began this month, with more than 65 vessels currently on Candela’s order books, including from India, the Maldives, Saudi Arabia, and Thailand.
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.