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Swedish startup Candela, a leader in electric hydrofoiling watercraft, has raised an additional $14 million, bringing its Series C funding round to $40 million. Alongside the funding announcement, the company revealed the sale of its first P-12 electric ferry in the U.S., which will soon operate on Lake Tahoe, offering an eco-friendly alternative for commuters and tourists.
The Series C extension round, led by SEB Private Equity, also included investment from EQT Ventures, reflecting strong confidence in Candela’s global vision to transform water travel.
"This is the dawn of a zero-emission revival in waterborne transportation," says Gustav Hasselskog, Candela’s founder and CEO.
"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 decarbonizing transport," he adds.
”We are thrilled to partner with the Candela team," says Anders Jöngard, Investment Director at SEB Private Equity. "We are impressed by Candela’s journey bringing cutting-edge innovation to serial production, including the launch of the world’s first electric hydrofoil ferry. As pioneers in emission-free transportation, Candela is setting new standards. We believe the transition to a fossil-free economy will unlock significant growth opportunities, and we are committed to supporting Candela’s expansion for a more sustainable future.”
Candela's hydrofoiling boats use advanced foil technology to lift the boat’s body above the water as it gains speed, reducing water resistance and energy consumption. This innovative design ensures a smoother, more efficient ride, making the P-12 ferry ideal for reducing road traffic around Lake Tahoe, where congestion and seasonal snow often complicate travel.
Earlier this year, Candela raised $25 million to accelerate the deployment of its P-12 ferry, which can carry around 30 passengers. The initial P-12 vessels have been launched in Stockholm, with further sales planned for New Zealand, Saudi Arabia, Berlin, and now the U.S. The company is also scaling up production in Stockholm, where it recently celebrated the construction of its 100th vessel, including its smaller C-7 and C-8 speedboats.
The first P-12 in the U.S., operated by FlyTahoe.com, will connect north and south Lake Tahoe, providing an efficient, green alternative to driving on congested, weather-prone roads. The ferry promises to offer residents and visitors a faster and more sustainable way to enjoy the scenic lake.
While Candela continues to grow, it faces competition from other electric boat startups. Companies like Zin target the luxury private market, while Navier is exploring small-scale passenger routes in urban areas like the Bay Area. However, Candela’s unique hydrofoiling technology and focus on public transport give it a competitive edge.
"In every sector, we must move quickly to decarbonize. Our technology offers a strong economic incentive to switch to zero-emission fleets, while unlocking the potential for waterways to ease road congestion. This investment comes at a critical time for the planet," Hasselskog concludes.
“Candela is pioneering the shift to fossil-free transportation on water, just as we’ve seen rapid progress on land. With their cutting-edge hydrofoil technology, the transition to clean, efficient waterborne travel is finally within reach,” says Lars Jörnow, Partner at EQT Ventures.
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