Stockholm-based Candela, a leader in hydrofoil electric vessels, has secured an additional $14 million (€13 million) in Series C funding, bringing their total 2024 funding to $40 million (€37 million). The latest round was led by SEB Private Equity, with participation from existing investors EQT Ventures and KanDela AB. The investment will enable Candela to meet the soaring demand for its zero-emission vessels, poised to transform the $15 billion electric ferry market.
Additionally, Candela has secured a contract to bring high-speed electric hydrofoil transport to Lake Tahoe, marking the U.S. debut of its technology. The company has also closed a fleet deal to electrify water transport for Saudi Arabia’s NEOM project and announced partnerships in Berlin and New Zealand, with additional customer announcements forthcoming.
Candela tackles the environmental challenge: maritime emissions
Waterborne transport accounts for 3% of global greenhouse gas emissions — a challenge Candela aims to tackle with its electric hydrofoil technology. This innovation enables operators to transition to sustainable electric vessels while providing shorter travel times, more frequent departures, enhanced comfort, and reduced operational costs compared to traditional ships.
Reinforcing its leadership in maritime electrification, Candela recently marked the production of its 100th electric leisure hydrofoil vessel. The company is now aggressively targeting the rapidly expanding global electric waterborne transport market, projected to reach $15.32 billion by 2032.
Innovation at the core: Candela’s technology
Founded by engineer and business leader Gustav Hasselskog in 2014, Candela’s mission is to accelerate the world’s transition to fossil fuel-free lakes and oceans by developing electric vessels that outperform their fossil fuel-powered counterparts.
At the heart of Candela’s revolutionary approach lies the C-Foil system — a computer-guided hydrofoil technology featuring underwater wings that lift the hull above water. This innovation reduces energy consumption by 80% compared to conventional vessels, enabling the rare combination of high speed and extended electric range.
Plus, its flagship product, Flight Controller, automatically stabilises vessels during operation by regulating the foils, using sensors to gauge wave height, wind speed, and other environmental factors. Even in challenging weather conditions, passengers experience 90% less g-forces than on traditional boats. All vessels maintain full connectivity and receive regular over-the-air updates, ensuring optimal performance.
Investor confidence in sustainable maritime future
Anders Jöngard, Investment Director at SEB Private Equity, said: We are thrilled to partner with the Candela team. 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.”
Lars Jörnow, Partner at EQT Ventures, added: “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.”