Electric boat manufacturer Candela raises 25 million euros in fresh capital

The Swedish electric boat manufacturer Candela has completed its largest financing round to date. It comprises investments totalling 24.5 million euros. Candela intends to use the additional capital to expand production of its P-12 electric ferry.

Image: Candela

Groupe Beneteau and existing investors EQT Ventures, Ocean Zero and Kan Dela participated in the new financing round. However, Candela does not break down how the €24.5 million in new capital is distributed among the investors. However, the Swedes emphasise that the new financing round brings the total investment since Candela was founded to over 70 million euros. The company intends to use the additional capital primarily to expand production of its P-12 electric ferry.

The electric boat manufacturer started series production of the ferry ‘P-12 Shuttle’ in Stockholm in November. The all-electric hydrofoil is available in three versions. The model is essentially an enlarged version of the Candela P-12, which was launched in 2022. While the smaller P-12 is intended to be used as a kind of water taxi “on demand”, the P-12 Shuttle is designed as part of local public transport and is intended for use in scheduled services.

The model opens a new chapter in shipping, as it is the first fast electric ferry with a long range on the market, emphasises the manufacturer. Its hydrofoil technology is said to reduce emissions by 97.5 % over the entire service life compared to diesel ships, while at the same time halving costs for operators. What’s more, as Candela calculated at the launch last summer, the e-ferry will reduce the journey time between Stockholm city centre and the suburb of Ekerö from 55 to 25 minutes, for example – which should be particularly attractive for commuters, as the journey time is shorter than by car or underground. Real tests have also been carried out on this exact water route. As the hydrofoil does not generate waves, Stockholm granted an exemption for the Candela boat, allowing the P-12 Shuttle to travel faster than 12 knots. The boat is to be officially integrated into Stockholm’s public transport network this year in a pilot project.

“We couldn’t be more excited about having Groupe Beneteau on board. 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,” says Gustav Hasselskog, founder and CEO of Candela, referring to the new backer. “We have spent years developing the technological maturity and now we are ready to scale to commercial vessels. As in any industry, the company that grows the fastest will dominate the market.”

Bruno Thivoyon, CEO of new investor Groupe Beneteau, said: “Our investment perfectly aligns with Groupe Beneteau‘s ecological transition objectives, scaling up innovative solutions for more sustainable boating and unparalleled experiences. Candela’s technology, enabling significantly more efficient electric vessels, will transform waterborne transport into its next sustainable phase.” Groupe Beneteau is recognised as one of the world’s largest boat manufacturers with a turnover of €1.46 billion, 15 factories, nine brands and more than 8,000 yachts built annually.



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