The Swedish electric boat company Candela, the leading manufacturer of sustainable electric hydrofoil vessels, has announced its largest funding round of Euro 24.5 million (US$26.6 million).
With this record funding, Candela is poised to lead the charge toward a more sustainable future in waterborne transport, setting new standards for efficiency and environmental stewardship in the industry.
The latest funding includes key participation from Groupe Beneteau, the world’s largest boat maker. Other investors include EQT Ventures, Ocean Zero LLC, and Kan Dela AB.
Gustav Hasselskog, founder and CEO of Candela, said that having Groupe Beneteau on board “is a stamp of approval for our technology to transform waterborne transportation. We’re excited for the possibilities ahead.”
Groupe Beneteau officials believe the investment aligns with their ecological transition and sustainable boating goals. “Candela’s technology, enabling significantly more efficient electric vessels, will transform waterborne transport into its next sustainable phase”, says Bruno Thivoyon, CEO at Groupe Beneteau. Founded in Vendée 140 years ago by Benjamin Bénéteau, Groupe Beneteau is the world’s largest boat manufacturer with a turnover of €1.46 billion, 15 factories, and more than 8,000 yachts built annually.
Funding to expand production of Candela P-12
The company aims to utilize the funding to expand the production of its revolutionary P-12 ferry, the world’s first electric hydrofoil ferry.
- Candela P-12 is the world’s fastest, longest-range, and most energy-efficient electric ship. It marks a significant milestone in waterborne transport as the world’s first electric ferry, offering unprecedented speed and range.
- The 30-passenger Candela P-12 electric shuttle has a speed of 30 knots.
- Equipped with efficient hydrofoil technology, the P-12 reduces lifetime emissions by an impressive 97.5% compared to diesel vessels, contributing to a greener environment, while simultaneously allowing operators to halve costs.
- Thanks to its minimal wake generation, the P-12 has received exemptions from speed limits, enhancing its efficiency and significantly reducing travel times compared to road transport.
- The first electric flying ferry, the Candela P-12, is expected to make Stockholm’s waterborne public transport faster than cars and subway.
With waterborne transport responsible for 3% of global greenhouse gas emissions, Candela’s innovative approach seeks to address this environmental challenge by revolutionizing maritime transportation through electrification.
Candela’s electric boats and ferries
Candela’s innovative, computer-stabilized hydrofoil vessels have disrupted the marine industry. With a team of over 220 employees, Candela develops its technology and vessels internally in Stockholm, serving customers globally.
- Flying above the friction of water, these vessels consume 80% less energy than conventional ships and boats, achieving impressive ranges and speeds solely on battery power.
- These vessels reduce operational costs, enabling long battery-powered journeys and smooth rides in harsh weather conditions.
- The electric boats and ferries are equipped with advanced technology that enhances stability and comfort, making them superior in choppy seas.
- Founded in 2014 by engineer Gustav Hasselskog, Candela Technology specializes in hydrofoiling electric vessels.
- Candela introduced the electric Candela C-7 in 2019, followed by the award-winning C-8, and launched the groundbreaking P-12 Shuttle ferry in 2023.
Rise of electric boats
The concept of electric boats traces back to the late 19th century when inventors and engineers initially developed electric propulsion systems. However, these experiments waned with the ascent of faster petrol and diesel vessels.
Today, electric vessels are experiencing a resurgence driven by environmental concerns, escalating fossil fuel prices, and our collective pursuit of a cleaner, more sustainable future. Electric ferries represent a significant advancement in maritime technology, offering a cleaner alternative to traditional propulsion systems.
These vessels use electric motors fueled by batteries, solar panels, or hydrogen fuel cells, stored in onboard tanks. The new boats and ferries boast impressive speed, provide smoother rides, ensure efficient range at lower speeds, and minimize the need for frequent charging.
The initiatives to decarbonize shipping have fueled the growth in the electric vessel market, which is projected to reach US$14.2 billion by 2030, according to Fortune Business Insights. In 2023, the European Union integrated maritime transport into its Emissions Trading System (ETS) to accelerate decarbonization efforts and drive innovation in the maritime sector. Meanwhile, countries such as Norway are pushing for electric ferries and boats for zero-emission fjords.
“We’ve spent years developing the technological maturity, and now we’re fit for scaling to commercial vessels. As in any industry, the fastest-scaling company will dominate the market”, says Gustav Hasselskog.
