Press release -
Flying electric vessel maker Candela raises €30M amid soaring oil prices
Candela’s largest funding round to date, with the World Bank’s IFC arm joining existing investors, will finance a second manufacturing facility to scale production of its groundbreaking hydrofoiling P-12 ferries and meet growing global demand.
The round brings Candela's total capital raised to €129 million since its inception, making it the best-funded electric vessel manufacturer globally. It was backed by all existing shareholders—EQT Ventures, SEB Private Equity, KanDela AB, and Ocean Zero LLC—alongside new investor the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, which contributed €8 million.
The raise defies a broader downturn in climate-tech investment and follows the recent, successful real-world deployment of the P-12 in public transport across Stockholm, Gothenburg, Oslo, and Trondheim, where the vessel demonstrated strong technical performance, significantly reduced operating costs, and dramatically shorter travel times compared to traditional diesel ferries.
A new category of vessel
Named one of TIME magazine's most important inventions of 2025, the P-12 is the world's first electric hydrofoil ferry in scheduled commuter service. At its core is Candela's proprietary computer-controlled hydrofoil system and C-POD motors, which lift the vessel above the water and cut energy consumption by up to 80 percent versus conventional ships—while producing zero wake.
"From a physics perspective, ships have been essentially the same for hundreds of years," says Gustav Hasselskog, founder and CEO. "We're redefining waterborne transport by effectively creating a new category of vessel. This allows cities and municipalities to finally take full advantage of waterways—while escaping the fossil-fuel cost trap that has long prevented them from being used efficiently."
The Candela P-12 has proven successful in Stockholm’s public transport, significantly reducing travel times and operating costs.
Global expansion underway
With serial production now up and running and first customer deliveries starting in this month, more than 65 vessels are currently on order. From 2026, deployments are slated for Mumbai—where a fleet of ten P-12s will cut travel times from Navi Mumbai Airport to the city centre from around two hours to 35 minutes—as well as the Maldives, Saudi Arabia's NEOM project, Thailand, and additional markets.
Candela is applying scalable, platform-based serial production to advanced carbon-fiber vessels, breaking from the maritime industry's traditional reliance on one-off construction. The second factory—to be located in Poland—will make zero-emission transport more accessible to emerging markets around the world.
"By moving away from small-series production—which inevitably drives high costs—we've built a platform that serves multiple markets," says Hasselskog. "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.
“In a market where climate tech funding is down around 50 percent since 2021, raising our largest round ever sends a clear signal: the transition is moving beyond subsidies and green premiums. Our vessels win on cost and performance, and that's why investors are backing Candela. I'm truly grateful for that trust."
Quote from IFC:
“This investment reflects IFC’s commitment to advancing innovative transportation solutions in emerging markets,” said Farid Fezoua, IFC Director for Equity, Funds and Venture Capital. “By supporting Candela’s expansion, we aim to accelerate the adoption and early deployment of breakthrough maritime technology in Emerging Markets, mobilize private capital, create high-value jobs, and enable more efficient water-based mobility.”
Quote from SEB Private Equity:
“We are thrilled to further support Candela on this next phase of growth, with strong progress in both technology deployment and commercial growth. The company has demonstrated global demand, with sales across the Nordics, the U.S., and key Asian markets. We have strong conviction in Candela and look forward to supporting the next phase of its global expansion and their commitment to a more sustainable future,” says Simone Hirschvogl, Investment Director at SEB Private Equity.
Quote from EQT Ventures:
“Rising fuel costs are fundamentally changing the economics of waterborne transport,” said Marnix van der Ploeg, Managing Director at EQT Ventures. “Candela’s hydrofoil technology dramatically lowers operating costs, making electric vessels commercially superior to traditional ferries. That’s why we backed the company early and are proud to continue supporting the team as they scale production globally.”
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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 2022 by the high-volume market Candela C-8, which was 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 launched its first commercial vessel, the Candela P-12 Shuttle ferry. It is the fastest and longest-range electric ship ever built, with a top speed of 30 knots and a range of 40 nautical miles at 25 knots. It is also the most energy-efficient fast ship ever made in its size class. Substantial operational cost savings are expected. The first unit enters service in Stockholm's public transport system in 2024.
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.
