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Candela, a Swedish hydrofoil electric boat manufacturer, has raised €24 million in funding.

The company’s hydrofoil boat can reduce energy consumption by as much as 80% compared to traditional electric craft and can last 2-3 times longer at high speed compared to other electric boats.

The funding, led by fellow Swedish company EQT Ventures, should allow Candela to invest in production automation and scale up the manufacturing of its craft.

“We’ve shown that our hydrofoil tech is the key to make electric boats commercially viable,” says Gustav Hasselskog, CEO of Candela

“We’re seeing boundless demand for the Candela C-8, as well as huge interest in our commercial vessels. The investment from EQT Ventures will allow us to double down on our mission to speed up the transition to fossil fuel-free lakes and oceans. It took us four years to develop the technology and two more years to master it. Now we are ready to scale up fast.”

The company’s C-8 sportsboat has received 100 orders already, just three months after launch. However, the company is also planning the P-30, a shuttle ferry and the P-12 water taxi.

The P-30 is set to begin work in Stockholm in 2023 and Candela believes its new boat will save 42% in operating costs compared to current diesel-powered vehicles whilst also providing for faster travel and more frequent departures. 

Candela Boats
L-R: the C-8 DC, C-8 HT, and P-30

Hydrofoil craft, which use a wing-like structure mounted on struts below the hull of the boat to lift most of the craft out of the water and thereby reducing drag, are nothing new, however. In fact, hydrofoil craft were being experimented with in the late 19th century. 

But, according to Lars Jörnow, Partner at EQT Ventures, Candela’s time (and, consequently hydrofoil’s) is now.

“Candela is the world’s leading company for cutting-edge technology that makes leisure and passenger crafts fossil-free. The transition to clean passenger transportation has been very fast on land. Now, with Candela’s technology, it will happen also on water. We want to support Candela to further strengthen its role as the technology leader while scaling up the production fast, so that the positive environmental impact of Candela can become global.”

With marine transportation being responsible for between 4-5% of annual CO2 emissions, there is real scope to reduce the environmental impact with electric craft – particularly if they can be just as fast as their diesel-powered counterparts.

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