Candela Raises €30 Million for Expansion
Candela, a company specializing in the development of electric hydrofoil boats and ferries for both leisure and commercial use, has successfully raised €30 million in its latest funding round. The round was led by the International Finance Corporation, with participation from EQT Ventures, Growth, and SEB Private Equity.
Company Overview
Founded by Sofia Graflund among others, Candela is known for its innovative electric hydrofoil vessels like the Candela C-8 and the Candela P-12. These boats are designed to provide an eco-friendly alternative to traditional maritime transport, offering reduced energy consumption and lower emissions.
Use of Funds
The newly acquired funds are earmarked for scaling production capabilities of Candela's electric ferries. The company plans to enhance its manufacturing capacity, strengthen its global supply chain, and support market entry into new international territories. This expansion comes in response to a growing demand for sustainable maritime solutions.
Technological and Environmental Advantages
Candela's flagship product, the P-12 electric ferry, is equipped with hydrofoiling technology that allows for faster travel times and significantly lower operating costs compared to traditional diesel-powered vessels. The hydrofoil system not only reduces fuel consumption by up to 80% but also generates minimal noise and wake, making it ideal for sensitive coastal and urban waterways.
Market Demand and Future Plans
With 65 vessels currently on order from various regions including Europe and North America, Candela is focused on ramping up its production to meet this increasing demand. The company aims to strengthen partnerships with operators and municipalities while continuing to refine its technology.
Candela's latest funding round highlights its commitment to advancing clean maritime transport solutions, positioning itself as a leader in the sector's transition towards sustainability.