Candela Raises €30 Million to Expand Electric Boat Production
Candela, known for its innovative electric hydrofoil boats and ferries designed for both leisure and commercial use, has successfully secured €30 million in its latest funding round. The capital injection is aimed at scaling up production and advancing the commercialization of its hydrofoiling technology.
Investors and Funding Details
This funding round was led by the International Finance Corporation, a member of the World Bank Group. Other participants included existing investors EQT Ventures, Growth, and SEB Private Equity. The involvement of these investors highlights continued confidence in Candela's potential to transform the maritime transport sector with its sustainable solutions.
Strategic Use of Funds
Candela plans to utilize the new funding to expand its manufacturing capabilities significantly. The company aims to strengthen its global supply chain and support its entry into additional international markets, responding to the growing demand for its vessels.
Technology and Market Expansion
The company is currently ramping up production to fulfill 65 vessel orders from customers in Europe, North America, and other regions. Candela's flagship P-12 electric ferry, which features hydrofoiling capabilities, offers faster travel times, lower operating costs, and reduced maintenance compared to traditional diesel-powered ferries.
Candela's vessels are designed to be environmentally friendly, consuming up to 80% less energy than conventional ferries. This efficiency not only reduces fuel expenses but also minimizes emissions, making them an attractive option for operators looking to adopt more sustainable practices.
CEO Insights
Gustav Hasselskog, Founder and CEO of Candela, emphasized the importance of this funding round in accelerating the adoption of electric maritime transport. "This investment allows us to meet the increasing global demand and continue refining our technology platform," Hasselskog said.
Future Prospects
With this significant financial backing, Candela is well-positioned to lead the transition towards cleaner maritime transport solutions. The company plans to expand partnerships with operators and municipalities, further solidifying its role in the sustainable transportation infrastructure sector.
Candela's commitment to innovation and sustainability continues to drive its growth, even amid broader market challenges in the climate tech sector. The company's focus on reducing environmental impact while improving economic performance sets it apart as a key player in the maritime industry.