Electric Hydrofoil Company Candela Raises $20 Million in new Funding

Swedish tech company Candela has raised $20 milion in new funding. Its electric hydrofoil technology aims to help operators switch to sustainable electric vessels, by offering shorter travel times, frequent departures and more comfort than traditional ships.

The funds will be used to bring Candela’s 30-passenger electric ferry, Candela P-12 Shuttle, to mass production in the company’s new Stockholm factory.

The $20 million 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.

P-12 Shuttles use 80% less energy than traditional vessels, which translates into a range of 60 nautical miles on one charge at a cruising speed of 27 knots.

When launching this summer, P-12 Shuttle will become the fastest and longest-range electric passenger vessel in the world.

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. 

Gustav Hasselskog, Candela’s founder and CEO, says: “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.”

Lars Jörnow, Partner at investor EQT Ventures, comments: “The P-12 Shuttle will be a game changer for passenger water travel. Candela is on a trajectory to become a generation defining company, revolutionizing the waterborne transportation market by offering the most climate friendly, low-cost and customer-delighting boating experiences in the world."

Candela Technology AB was founded in 2014 by engineer and business leader Gustav Hasselskog.