Candela Receives $20 Million Investment

Candela, a Stockholm, Sweden-based manufacturer of electric hydrofoil watercraft, has received $20 million in a new round of financing. Candela was founded in 2014. The startup has received a total of $45.5 million in investments since 2021. Candela has started mass production of electric ferries with a capacity of 30 passengers at the company's factory in Stockholm. Growth is expected from the company with this mass production.

Candela's $20 million financing round was led by EQT Ventures, investor duo Joel Eklund (Fosielund Holding AB) and Svante Nilo Bengtsson (Marknadspotential AB). Zen Yachts supporter Ocean Zero and other undisclosed parties also took part in the round. A hydrofoil is a wing-like structure attached to the bottom of a floating boat. This structure allows the boat to rise above the water, reducing friction and allowing it to travel faster.

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Candela

The hydrofoil is based on a principle similar to the aerodynamic principles used by airplanes during take-off and landing. Just as Formula 1 or Formula E technologies have been adapted for everyday use, Candela's hydrofoil technologies can be adapted for civilian use. Hydrofoil technologies have been used in powerboat racing for some time. When launched, Candela's P-12 Shuttle will be the world's fastest and longest-range electric passenger ship.

Candela's technology stands out not only in terms of speed but also in other areas. It offers more sustainability with longer range and less "fuel" consumption than its diesel counterparts. A life cycle analysis by the Royal Stockholm Institute of Technology found that a P-12 ferry would emit 97.5% less carbon dioxide over its lifetime than a diesel vessel of the same size. It is very pleasing that ferries can save operators up to 50% of their operating costs due to lower fuel and maintenance costs.

Candela aims to effectively cut passenger travel time by half an hour with a P-12 ferry between Ekerö and central Stockholm. The company is in talks with more than 180 interested operators, at least in its home market of Stockholm, encouraging them to adopt hydrofoil technology to reduce CO2 output. In addition, the fact that hydrofoil technology leaves no trace as it lifts the ship's hull out of the water allows the P-12 ferry to be exempt from the 12 knots speed limit imposed on Stockholm's city waterways. This offers an environmentally friendly and fast passenger transportation option thanks to Candela's hydrofoil technology. This allows it to play an important role in the transportation industry in Stockholm.