Candela Secures $26M Funding Round to Bolster Hydrofoil Vessel Production

Candela, a pioneer in electric hydrofoil vessel manufacturing, closed a $26.6 million funding round. The investment, the largest in the company’s history, is aimed at expanding the production of the innovative P-12 ferry. Leading the investment was Groupe Beneteau, renowned as the world’s premier boat maker, and pioneer in sustainable maritime transport. Participating investors iuncluded EQT Ventures, Ocean Zero, and Kan Dela AB.

Candela's cutting-edge technology enables their vessels, including the leisure C-8 boat and the P-12 ferry, to "fly" above water, significantly reducing energy consumption by 80% compared to traditional vessels. They offer long range and high speed on battery power alone, a first in the marine industry, while also promising lower operational costs and minimal environmental impact.

“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”, says Bruno Thivoyon, CEO at Groupe Beneteau, the world's largest boat manufacturer with a turnover of €1.46 Bn, 15 factories, 9 brands, and more than 8,000 yachts built annually.

The new funding follows a previous round in March 2023, where Candela raised SEK 210 million (approximately $20 million), bringing the company's total funding to over €70 million. The investment will scale up production to meet the demand for the Candela P-12, the world's first fast and long-range electric hydrofoil ferry, which is set to revolutionize public transport with its efficient technology and significant cost savings.

“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," says Gustav Hasselskog, Founder and CEO of Candela.

“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", says Lars Jörnow, Partner at EQT Ventures.

Candela aims to lead the shift towards zero-emission waterways, having already made strides with the introduction of the C-7 and C-8 leisure boats and now with the commercial P-12 ferry. The company's innovative approach to design and technology positions it at the forefront of the electric vessel market, expected to reach $14.2 billion by 2030.