Leading manufacturer of electric, sustainable hydrofoil boats, Candela, announced today that it has concluded the biggest investment round in its history to increase manufacturing of its revolutionary P-12 ferry. The largest boat manufacturer in the world, Groupe Beneteau, is a major partner in the 24.5 million EUR round.
Transport by water accounts for 3% of worldwide greenhouse gas emissions. However, because conventional ships and boats are inefficient at high speeds, electrification has been reluctant to catch on among recreational and commercial vessels.
The marine industry has been revolutionised by Candela’s unique computer-stabilized hydrofoil craft. They consume 80% less energy than other boats and ships as they glide above the water’s surface, achieving a first for the marine industry in terms of distance and speed while running on battery power. They also provide operators with more lower operational costs, which promotes an easier switch to sustainable vessels.
Additionally, Candela’s fully connected vessels have greater stability in turbulent waters and on narrow waterways thanks to various features. Motion sickness and discomfort are eliminated when an onboard flight controller counteracts waves using real-time data from sensors. Because Candela vessels don’t create a wake when foiling, they can travel farther in less time than traditional craft that are constrained by speed limits.
“Our investment perfectly aligns with Groupe Beneteau‘s ecological transition objectives, scaling up innovative solutions for more sustainable boating and unparalleled experiences. Candela’s technology, enabling significantly more efficient electric vessels, will transform waterborne transport into its next sustainable phase.”
Bruno Thivoyon, CEO at Groupe Beneteau.
“We couldn’t be more excited about having Groupe Beneteau on board. As the leading global boat company, their trust is a stamp of approval for our technology to transform waterborne transportation. We’re excited for the possibilities ahead.”
Gustav Hasselskog, Founder and CEO of Candela.
In order to meet demand for the recently introduced Candela P-12, the world’s first electric hydrofoil ferry, production will be scaled up with the aid of the new financing round. The P-12, the world’s first rapid and long-range electric ferry, ushers in a new era of aquatic transportation. When compared to diesel vessels, its effective hydrofoil technology reduces lifetime emissions by 97.5% while also enabling operators to cut costs in half. The P-12 has been exempt from speed regulations due to the fact it leaves little wake behind. For example, on its first route in Stockholm, it will reduce travel times in half starting in July as compared to road transport and older diesel vessels.
According to Fortune Business Insights, the market for electric vessels is anticipated to be valued at USD 14.2 billion in 2030, primarily as a result of robust national incentives aimed at decarbonising shipping. The Emissions Trading System (ETS) for maritime transportation was extended by the European Union in 2023. Additionally, nations such as Norway are advocating for zero-emission fjords, requiring the use of electric ferries and boats.
“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.”
Gustav Hasselskog, Founder and CEO of Candela.
Kan Dela AB, Ocean Zero LLC, and EQT Ventures, three seasoned investors, are among the other funders in the round. With this latest investment, Candela has received approximately €70 million in capital overall since its founding.
“EQT Ventures has steadfastly backed Candela’s vision to accelerate the shift towards fossil fuel-free lakes and oceans since 2021. The launch of Candela’s P-12 vessels signifies a watershed moment in sustainable transport.”
Lars Jörnow, Partner at EQT Ventures.
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News and image sourced from Candela.
