Stockholm start-up Candela, a company that specialises in the design and manufacture of electric hydrofoil vessels, has closed its largest funding round to date, raising €24.5M (US$26.8M) in fresh funds
These funds will help expand production of the company’s recently launched Candela P-12 ferry. The company is banking on its hydrofoil craft disrupting the marine industry. Built in Stockholm, the P-12 was launched last year, moving commuters between the suburb of Ekerö and central Stockholm.
This week, New Zealand hydroelectric power generation firm Meridian Energy agreed to bring the P-12 to the Antipodes, moving staff and contractors across Lake Manapōuri to service Manapōuri hydro power station.
A key partner in the new round is Groupe Beneteau, the largest global boat manufacturer, with a turnover of €1.46 Bn (US$1.59Bn), which builds more than 8,000 yachts annually.
“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,” said Groupe Beneteau chief executive Bruno Thivoyon.
The new investment round will help to scale production to meet demand for the Candela P-12 design and the company hopes to cash in on the market for electric vessels which is set to grow to nearly US$14.2Bn by 2030 according to Fortune Business Insights, driven by national incentives and regulation. In 2023, the European Union included maritime transport in its Emissions Trading System (ETS), and countries such as Norway have progressive legislation in place, mandating electric ferries and boats to cut emissions on vessels transiting the nation’s famous fjords.
“We couldn’t be more excited about having Groupe Beneteau on board. As the leading global boat company, its trust is a stamp of approval for our technology to transform waterborne transport. We’re excited for the possibilities ahead," says Candela founder Gustav Hasselskog.
“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.”
Other backers in the round include long-time investors EQT Ventures, Ocean Zero, and Kan Dela. The new investment brings total funding since Candela’s inception to over €70.0M (US$76.5M).
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