Press release -
Electric vessel maker Candela closes record funding round of €24.5M
[STOCKHOLM, Sweden, March 19, 2024]
Candela, the leading maker of sustainable, electric hydrofoil vessels, today announced it has closed the largest funding round in the company's history, to expand production of its game-changing P-12 ferry. A key partner in the 24.5 million EUR round is Groupe Beneteau — the largest global boat maker.
Globally, waterborne transport emits 3% of global GHG emissions. Still, electrification has been slow to take off across leisure and commercial vessels, due to conventional ships and boats being inefficient at high speed.
Candela’s innovative, computer-stabilized hydrofoil craft have disrupted the marine industry. As they fly above the friction of water, they use 80% less energy than other ships and boats, attaining long range and high speed on battery power – a first in the marine industry. At the same time, they offer operators lower operational costs, incentivizing a transition to sustainable vessels.
Candela’s fully connected vessels also have characteristics that make them superior in choppy seas and on sensitive waterways. An onboard Flight controller uses real time data from sensors to counteract waves, eliminating motion sickness and discomfort. When foiling, Candela vessels don’t create wake, opening up for shorter travel times where conventional craft are limited by speed restrictions.
“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”, says Bruno Thivoyon, CEO at Groupe Beneteau, the world's largest boat manufacturer with a turnover of €1.46 Bn, 15 factories, 9 brands, and more than 8,000 yachts built annually.
“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.
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 starts a new chapter in waterborne transport, as it's the first fast and long-range electric ferry on the market. Its efficient hydrofoil tech cuts lifetime emissions by 97.5% compared to diesel vessels, while simultaneously allowing operators to halve 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.
The market for electric vessels is expected to be worth 14.2 Billion USD in 2030 according to Fortune Business Insights, driven by strong national incentives to decarbonize shipping. In 2023, the European Union included maritime transport in its Emissions Trading System (ETS), and countries like Norway are pushing for zero-emission fjords, mandating electric ferries and boats.
“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 Gustav Hasselskog.
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 €70M.
“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.
Contact Head of Communications Mikael Mahlberg for more information:
mikael.mahlberg@candela.com
Phone +46765376678
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Video:
2024-03-17 Funding round Benetau 1x1.mp4
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About Candela
Candela’s mission is to speed up the transition to fossil fuel-free oceans and lakes.'
Founded in 2014 by engineer Gustav Hasselskog, Candela Technology AB is the leader in hydrofoiling electric vessels. Its innovative hydrofoils reduce energy consumption by 80% while offering lower operational costs, enabling long battery-powered journeys and smoother rides, even in harsh weather. Candela launched the electric Candela C-7 in 2019, followed by the award-winning C-8, and introduced the groundbreaking P-12 Shuttle ferry in 2023.
With over 220 employees, Candela develops its tech and vessels in-house in Stockholm, serving customers globally.
About Groupe Beneteau
Founded 140 years in Vendee by Benjamin Beneteau, Groupe Beneteau is nowadays bolstered by an international presence of 23 production sites and a global sales network. Groupe Beneteau posted €1.785 billion turnover in 2023 and has a workforce of nearly eight thousand employees, mainly in France, United States, Poland, Italy and Portugal. A world leader, Groupe Beneteau's nine brands in its Boat Division offer more than 150 models of pleasure craft to meet the diverse needs and sailing projects of its customers, whether sailing or motoring, monohull or catamaran.
Through its Boating Solutions Division, the Group is also involved in services covering daily or weekly boat hire, marinas, the digital sector and financing.
Its Habitat Division is a major European player in outdoor accommodation. Its three brands offer a wide range of mobile homes. It has nine hundred employees split between six production sites in France and one in Italy. It posted a turnover of €319.6 million in 2023.
About EQT Ventures
EQT Ventures is a multi-stage VC fund that partners with the most ambitious and boldest founders in Europe and the US. The fund is based in Luxembourg and has investment advisors stationed in Stockholm, Amsterdam, London, San Francisco, New York, Berlin and Paris. Fuelled by experienced company builders and scalers, EQT Ventures helps the next generation of entrepreneurs with the capital and hands-on support needed to build global winners. www.eqtventures.com
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Stockholm-based Candela Technology AB is the world leader in hydrofoiling electric vessels. The company was founded in 2014 by engineer and business leader Gustav Hasselskog with the mission to accelerate the world's transition to fossil fuel-free lakes and oceans by developing electric vessels that outperform those powered by fossil fuels.
Candela's watercraft have wings (hydrofoils) that lift the hull above the water and reduce friction, using 80% less energy than conventional ships at high speed. This technology allows for long-range water travel solely on battery power, a first in the industry. Candela's hydrofoils also enable operators to transition to sustainable fleets by providing up to 50% lower operational costs.
At the heart of Candela's hydrofoil tech stack is the Flight controller, which automatically stabilizes the vessel during flight by regulating the foils, using sensors that gauge wave height and wind speed, among other factors. Even in rough weather, passengers experience 90% less g-forces than they would on a traditional boat. All Candela vessels are fully connected and receive over-the-air updates.
After five years of research and development, Candela began producing the world's first electric hydrofoil leisure boat in 2019, the Candela C-7 open "roadster of the seas". This was followed in 2021 by the high-volume market Candela C-8, which will be delivered to the first customers in spring 2023. Over 150 C-8 units have been sold to date, and the vessel has been lauded as a "game changer" by Motorboat and Yachting magazine, winning numerous awards including the 2022 European Powerboat of the Year award for its superior seakeeping, long range, and high speed.
In 2023, Candela is launching its first commercial vessel, the Candela P-12 Shuttle ferry. It is poised to set multiple world records for being the fastest and longest-range electric ship ever built, with a top speed of 30 knots and a range of up to 60 nautical miles. It will also be the most energy-efficient fast ship ever made in its size class. Substantial operational cost savings are expected. The first unit is water launched during summer 2023.
Candela is a technology company with headquarters in Stockholm, Sweden, employing over 200 engineers, technicians, and production staff. The company develops the entire tech stack, from the C-POD motor to the control system and carbon fiber hulls, in-house. Candela's two wholly-owned factories in Stockholm, Sweden, produce the Candela C-8 and P-12 vessels. The company also has leisure boat resellers in 12 countries and wholly-owned sales offices in San Francisco, USA, and Cannes, France.
