Swedish hydrofoil ferry Candela has raised a $14m extension to its Series C, following a €24.5m raise in March.
The investment was led by Swedish bank SEB’s Private Equity section, with the participation of existing investors EQT Ventures and KanDela AB.
“This investment, made during a challenging time for many companies, is a testament to Candela’s technology and its unique ability to solve the pressing issue of decarbonising transport,” CEO and founder Gustav Hasselskog said in a statement.
The new capital will be used to “aggressively target the rapidly expanding global market for electric waterborne transport,” which is projected to reach $15.3bn by 2032.
The funding news comes a month after Candela’s 30-passenger vessels started being used for public transport in Stockholm and the signing in August of Candela’s largest order to date — eight vessels for Saudi Arabia’s Neom project. It has also signed contracts for its vessels to serve commuters in Berlin and New Zealand this year.
Candela, which was founded in 2014, has developed a hydrofoil craft — a system with underwater wings that lifts the hull above the water — that uses 80% less energy than other high-speed vessels when it “flies,” according to the company.
Candela first focused on smaller electric leisure boats and has now reached a milestone of producing 100 of those.
The company is also announcing it has sold its first 30-passenger vessel to a US customer, where it will operate on Lake Tahoe in the Sierra Nevada district, its debut in the American market.
Read the orginal article: https://sifted.eu/articles/candela-flying-boat-startup-raise-news/
