Swedish electric vessel maker Candela has secured its biggest funding round yet, raising €30 million to expand production of its hydrofoiling P-12 ferries as demand rises across global markets.
The investment was backed by existing shareholders EQT Ventures, SEB Private Equity, KanDela AB, and Ocean Zero LLC, with new support from the International Finance Corporation, the World Bank Group’s private-sector arm, which committed €8 million.
The round takes Candela’s total capital raised to €129 million since launch, making it the best-funded electric vessel manufacturer in the world.
The new capital will be used to finance a second manufacturing facility in Poland, giving Candela the production capacity needed to meet a growing pipeline of orders.
Turning a technical breakthrough into a transport product
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 centre of its momentum is the Candela P-12, a vessel that has moved beyond concept status and into real-world commuter service. The P-12 is described as the world’s first electric hydrofoil ferry in scheduled commuter operation. Its computer-controlled hydrofoils lift the vessel above the water, sharply reducing drag, while Candela’s C-POD motors help cut energy consumption by up to 80% compared with conventional ships.
The result is a ferry that combines lower energy use with zero wake, a rare combination in maritime transport. The technology is not being tested in isolation.
Candela says recent public transport deployments in Stockholm, Gothenburg, Oslo, and Trondheim have shown strong technical performance, lower operating costs, and faster journey times than traditional diesel ferries.
In a sector often slowed by custom builds and long procurement cycles, that kind of operating proof matters. It suggests Candela is not simply selling an ambitious design, but a vessel with a growing case for everyday public transport use.
Orders are building as cities look for faster, cleaner routes
Candela says serial production is now underway, with first customer deliveries beginning this month and more than 65 vessels already on order. That order book points to demand well beyond northern Europe. From 2026, the company expects deployments in Mumbai, the Maldives, Saudi Arabia’s NEOM project, Thailand, and other markets, showing how quickly the P-12 is moving from a regional innovation to a global product.
Mumbai is likely to be one of the most closely watched launches. Candela says a fleet of ten P-12 ferries will reduce travel time from Navi Mumbai Airport to the city centre from roughly two hours to 35 minutes. In dense urban markets where roads are overloaded, and water routes remain underused, that kind of time saving could be a powerful selling point.
A factory expansion that could reshape the electric maritime scale
Candela’s broader bet is not only on hydrofoils, but on how vessels are built. The company is applying platform-based serial production to advanced carbon-fibre boats, breaking with a maritime industry still dominated by one-off construction. That matters because scale, not novelty, will decide whether zero-emission shipping becomes widely accessible.
The second factory in Poland is central to that shift. By expanding manufacturing capacity closer to emerging demand, Candela aims to bring zero-emission water transport to more markets that need affordable, efficient alternatives. This latest raise is a sign that electric maritime transport is beginning to move from specialist technology into repeatable infrastructure.
“From a physics perspective, ships have been essentially the same for hundreds of years,” says Gustav Hasselskog, founder and CEO. “We’re redefining waterborne transport by effectively creating a new category of vessel. This allows cities and municipalities to finally take full advantage of waterways—while escaping the fossil-fuel cost trap that has long prevented them from being used efficiently.”
“By moving away from small-series production—which inevitably drives high costs—we’ve built a platform that serves multiple markets,” says Hasselskog. “This allows us to deliver technologically advanced carbon-fibre vessels with industry-leading operating costs at a competitive price point, freeing operators from the cost trap of fossil-fuel ships.
“In a market where climate tech funding is down around 50 per cent since 2021, raising our largest round ever sends a clear signal: the transition is moving beyond subsidies and green premiums. Our vessels win on cost and performance, and that’s why investors are backing Candela. I’m truly grateful for that trust.”
“This investment reflects IFC’s commitment to advancing innovative transportation solutions in emerging markets,” said Farid Fezoua, IFC Director for Equity, Funds and Venture Capital. “By supporting Candela’s expansion, we aim to accelerate the adoption and early deployment of breakthrough maritime technology in Emerging Markets, mobilise private capital, create high-value jobs, and enable more efficient water-based mobility.”
“We are thrilled to further support Candela on this next phase of growth, with strong progress in both technology deployment and commercial growth. The company has demonstrated global demand, with sales across the Nordics, the U.S., and key Asian markets. We have strong conviction in Candela and look forward to supporting the next phase of its global expansion and their commitment to a more sustainable future,” says Simone Hirschvogl, Investment Director at SEB Private Equity.
“Rising fuel costs are fundamentally changing the economics of waterborne transport,” said Marnix van der Ploeg, Managing Director at EQT Ventures. “Candela’s hydrofoil technology dramatically lowers operating costs, making electric vessels commercially superior to traditional ferries. That’s why we backed the company early and are proud to continue supporting the team as they scale production globally.”
