Swedish tech company Candela has raised $20 million for its electric hydrofoil technology to help operators switch to sustainable electric vessels.
As disclosed, the SEK 210 million ($20M) investment is co-led by EQT Ventures and investor duo Joel Eklund (Fosielund Holding AB) and Svante Nilo Bengtsson (Marknadspotential AB), with participation from Ocean Zero LLC, among others.
The funds will be used to bring Candela’s foiling 30-passenger ferry Candela P-12 Shuttle to mass production in the company’s new Stockholm factory.
Flying above the surface on computer-guided hydrofoils, underwater wings, P-12 Shuttle uses significantly less electricity, i.e. 80% less energy than traditional vessels, which translates into a record range of 60 nautical miles on one charge at a cruising speed of 27 knots.
Furthermore, a recent life cycle analysis by Stockholm’s Royal Institute of Technology concluded that a P-12 ferry will emit 97.5% less carbon dioxide over its lifetime compared to a diesel vessel of the same size.
For operators, the real allure of Candela P-12 lies in its ability to cut operational costs by 50%, thanks to the low energy usage and maintenance.
“This new investment will unlock the potential of underutilized waterways for climate-friendly, high-speed commuting. The P-12 Shuttle will in many cases be faster and cheaper than land transport like bus lines, and it will be profitable for operators from day one,” said Gustav Hasselskog , Candela’s founder and CEO.
When launching this summer, P-12 Shuttle will become the fastest and longest-range electric passenger vessel in the world, according to the company.
Moreover, Candela is in sales discussions with more than 180 interested parties about the P-12 Shuttle systems. The first operator will be the Region of Stockholm, moving commuters between the suburb of Ekerö and central Stockholm.
Across the coastal and urban segments of vessels, Candela estimates the total addressable market for their electric watercraft to be more than $30 billion.