Swedish Candela raises €25 million to propel electric hydrofoil ferry production

Candela, a Stockholm-based electric vessel manufacturer, has closed its largest funding round of €25 million, with key investment from Groupe Beneteau, a global boat maker, along with EQT Ventures, Ocean Zero LLC, and Kan Dela AB. Candela’s hydrofoil craft use 80% less energy than other ships, offering long range and high speed on battery power. The company’s vessels are fully connected and equipped to handle choppy seas, providing a superior experience. The funding will be used to scale up production of the Candela P-12, the world’s first electric hydrofoil ferry, which cuts emissions by 97.5% compared to diesel vessels.

Candela is at the forefront of electric marine transportation, specializing in hydrofoiling electric boats and ferries. Their innovative technology not only enables electrification but also vastly improves performance compared to traditional combustion engines. With a mission to accelerate the transition to fossil fuel-free lakes and oceans, Candela recognizes the unsustainable nature of traditional petrol boats, which consume about 15 times more fuel than a family car. By reimagining efficiency in marine transportation, Candela aims to revolutionize the industry.

Founded in 2014 by Gustav Hasselskog, the company brought together a diverse team of experts in dynamic modeling, hardware design, hydrodynamics, control theory, machine learning, and more. This collaboration led to the development of their first full-scale prototype in 2016, achieving over 50 nautical miles per charge at 22 knots. Serial production of their electric hydrofoil boats commenced in 2019, and by 2020, the Candela C-7 had become the best-selling electric boat in Europe.

“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,” said Gustav Hasselskog, Founder and CEO of Candela.

“Our investment perfectly aligns with Groupe Beneteau‘s ecological transition objectives, scaling up innovative solutions for more sustainable boating and unparalleled navigation experiences. Candela’s technology, enabling significantly more efficient electric vessels, will transform waterborne transport into its next sustainable phase,” added Bruno Thivoyon, CEO at Groupe Beneteau,

“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,” added Gustav Hasselskog.

“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,” commented Lars Jörnow, Partner at EQT Ventures.