E-boat manufacturer Candela secures €30 million from investors

The new funding will be used to build a second production facility for the battery-electric hydrofoil vessel Candela P-12, enabling higher output to meet increasing international demand. Following deployments in Stockholm’s public transport network and further projects in Gothenburg, Oslo and Trondheim, the model is scheduled to enter series production this year.

The P-12 relies on hydrofoil technology, with underwater wings lifting the hull around one metre above the surface during operation. This reduces drag significantly and allows cruising speeds of up to 25 knots (46 km/h), while maintaining high energy efficiency compared to conventional vessels.

Currently, Candela faces an order backlog of over 65 vessels, reportedly worth around 2 billion SEK (approximately €185 million), according to a Swedish media report. This includes eleven boats for use in Mumbai, India, as well as ten units each for the Maldives and Thailand. Particular focus is being placed on the Mumbai project, where the first deployments are planned later this year. There, a fleet of ten P-12 vessels aims to reduce travel time from Navi Mumbai Airport to the city centre from around two hours to just 35 minutes.

New facility to open in Gdańsk in 2027

To accelerate deliveries of the P-12, Candela plans to establish a second production site in Gdańsk, Poland, complementing its existing facility in Stockholm. The location, situated close to the Baltic Sea, is intended to streamline logistics and support international shipments.

The Gdańsk plant will follow the same setup as the Swedish site but with expanded capacity. The facility is expected to span around 10,000 square metres, with an existing warehouse building to be converted for production.

From Gdańsk, Candela aims to facilitate deliveries to emerging markets. The facility is expected to be completed in 2027 and will have an annual production capacity of 70 e-boats. Combined with the capabilities of the Swedish plant, Candela will then be able to manufacture 100 e-boats per year.

“By moving away from small-series production—which inevitably drives high costs—we’ve built a platform that serves multiple markets,” said Gustav Hasselskog, founder and CEO. “This allows us to deliver technologically advanced carbon-fiber vessels with industry-leading operating costs at a competitive price point, freeing operators from the cost trap of fossil-fuel ships.

Total funding now stands at €129 million

The latest €30 million funding round, which will primarily enable the new production site in Gdańsk, was supported by all existing shareholders—EQT Ventures, SEB Private Equity, CanDela AB, and Ocean Zero LLC—as well as the International Finance Corporation (IFC), the private-sector arm of the World Bank Group. The IFC alone contributed €8 million. Including this round, Candela has now raised €129 million from investors and claims to be the world’s best-funded electric boat manufacturer.

Just days ago, Candela also announced a new partnership with Singapore-based renewable energy engineering company Canopy Power. The two companies signed a memorandum of understanding to jointly advance electric waterborne mobility in the Asia-Pacific region.

The focus is on developing fossil-free transport solutions for island resorts and coastal communities. To this end, Candela’s P-12 electric ferry will be combined with Canopy Power’s microgrid systems, including floating solar and battery storage. The aim is to reduce reliance on imported fossil fuels, particularly in off-grid and remote locations.

mynewsdesk.com, candela.com (Canopy Power)