Candela Attracts €24.5 Million Investment to Accelerate Production of Electric Ferries

Candela, a green shipping technology firm, has announced a significant milestone with a €24.5 million investment round, marking its most considerable funding boost yet. Spearheaded by leading boat manufacturer Groupe Beneteau, this investment signals a pivotal moment in Candela's journey to ramp up production of its groundbreaking electric ferry, the Candela P-12.

Candela claims to pioneer the world's first electric hydrofoil ferry and aims to revolutionize marine transportation with its innovative technology. The capital infusion, which brings Candela's total backing to over €70 million, underscores the growing demand for sustainable maritime solutions.

Key players such as venture capital firms EQT Ventures, Ocean Zero LLC, and Kan Dela AB are joining Groupe Beneteau in this investment round, reaffirming the industry's confidence in Candela's vision.

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

Together with its boat manufacturing partner Groupe Beneteau, the Swedish firm has developed a "computer-stabilised" hydrofoil electric vessel craft, which it claims has "disrupted the marine industry."

Candela's hydrofoil electric vessels utilize advanced stabilization technology, allowing them to glide effortlessly above water. This significantly reduces energy consumption by approximately 80% compared to traditional vessels. This energy-efficient design not only extends the vessels' range and speed but also translates to lower operational costs.

Moreover, Candela's ferries offer superior performance in challenging maritime conditions and sensitive ecosystems. With emissions potentially reduced by up to 97.5% compared to diesel counterparts and operational costs halved Candela's hydrofoil technology represents a quantum leap in marine sustainability.

The Candela P-12, characterized by its minimal wake generation, has garnered special exemptions from speed restrictions, exemplified by its anticipated reduction in travel times on its inaugural Stockholm route. As regulatory incentives at national and EU levels drive the decarbonization of shipping, Candela foresees a booming market for electric vessels in the years ahead.

Gustav Hasselkog, Founder and CEO of Candela, expressed confidence in the burgeoning electric shipping sector, buoyed by robust governmental and supranational support for emission reduction initiatives.

"We've spent years developing the technological maturity, and now we're fit for scaling to commercial vessels," he said. "As in any industry, the fastest-scaling company will dominate the market."

He also welcomed the latest funding injection from investors and said he was excited to partner with Groupe Beneteau. "As the leading global boat company, their trust is a stamp of approval for our technology to transform waterborne transportation," he said of the company's new partner. "We're excited for the possibilities ahead."