The all-electric-powered Candela P-12 ferry flies over the water on hydrofoils
I would never say “I told you so,” but…now that Candela, the world’s leading producer of all-electric-powered hydrofoiling boats, has just closed the largest funding round in the company’s history, I might be bold enough to say…”I’m not surprised.”
That’s because I’ve been closely following the development of this wonderfully smart company’s hydrofoiling boats since I test flew a P-7 near their small and efficient shop in Stockholm in 2021. So, I’m really not surprised they just raised over $25 million to expand production of their game-changing P-12 ferry. And since yacht building powerhouse Groupe Beneteau is a key partner in the largest fundraising round Candela has ever completed it appears Candela’s brand of tech-controled hydrofoiling is about to go global.
“Our investment perfectly aligns with Groupe Beneteau‘s ecological transition objectives, scaling up innovative solutions for more sustainable boating and unparalleled experiences,” says Bruno Thivoyon, CEO of Groupe Beneteau, the world’s largest boat manufacturer (15 factories, 9 brands, and more than 8,000 yachts built annually) with a total revenue of over $1.5 billion in 2023. “Candela’s technology, enabling significantly more efficient electric vessels, will transform waterborne transport into its next sustainable phase.”
A Candela P-8 and P-12 underway near Stockholm, Sweden
“We couldn’t be more excited about having Groupe Beneteau on board,” says Gustav Hasselskog, Founder and CEO of Candela. “As the leading global boat company, their trust is a stamp of approval for our technology to transform waterborne transportation. We’re excited for the possibilities ahead.”
The new investment round will help to scale up production to meet demand for the recently launched Candela P-12, the world’s first electric hydrofoil ferry. The P-12 is the first fast and long-range electric ferry on the market. Its efficient hydrofoil technology cuts lifetime emissions by 97.5% compared to diesel vessels, while simultaneously allowing operators to save up to 50% in operating costs. Since it generates minimal wake, the P-12 has been granted exemptions from speed limits, as for example on its maiden route in Stockholm, where it from July will cut travel times in half compared to road transport and legacy diesel vessels.
And it’s pretty obvious Hasselskog and company are on the right track. According to some projections the market for electric vessels is expected to be worth $14.2 Billion USD in 2030.
“We’ve spent years developing the technological maturity, and now we’re fit for scaling to commercial vessels. As in any industry, the fastest-scaling company will dominate the market,” says Hasselskog.
The Candela P-8 and P-12 hardly make a ripple as they fly over the water on computer-controlled … [+]
Other backers in the round include longtime investors EQT Ventures, Ocean Zero LLC, and Kan Dela AB. The new investment brings total funding since Candela’s inception to over $75 million.
“EQT Ventures has steadfastly backed Candela’s vision to accelerate the shift towards fossil fuel-free lakes and oceans since 2021. The launch of Candela’s P-12 vessels signifies a watershed moment in sustainable transport”, says Lars Jörnow, Partner at EQT Ventures.
The only question is: when will we see a P-12 ferry here in the US?
