Swedish tech company Candela has secured $20 million in new funding from a group of investors to mass produce its electric hydrofoil technology. The company’s innovative system aims to help operators switch to more sustainable electric vessels by offering shorter travel times, frequent departures, and more comfort than traditional ships.
The funding will be used to bring Candela’s 30-passenger electric ferry, the Candela P-12 Shuttle, to mass production in the company’s new Stockholm factory. The investment is co-led by EQT Ventures and investor duo Joel Eklund and Svante Nilo Bengtsson, with participation from Ocean Zero LLC and other investors.
The P-12 Shuttle uses 80% less energy than traditional vessels, which translates into a range of 60 nautical miles on one charge at a cruising speed of 27 knots. When it launches this summer, the P-12 Shuttle will become the fastest and longest-range electric passenger vessel in the world.
See also: Candela C-8: The First Electric Hydrofoil Boat Powered by Polestar Technology
Candela is currently in sales discussions with more than 180 interested parties about the P-12 Shuttle systems. The first operator will be the Region of Stockholm, moving commuters between the suburb of Ekerƶ and central Stockholm.
Gustav Hasselskog, Candela’s founder and CEO, said that “this new investment will unlock the potential of underutilized waterways for climate-friendly, high-speed commuting. The P-12 Shuttle will in many cases be faster and cheaper than land transport like bus lines, and it will be profitable for operators from day one.”
Lars Jƶrnow, partner at investor EQT Ventures, added that “the P-12 Shuttle will be a game changer for passenger water travel. Candela is on a trajectory to become a generation defining company, revolutionizing the waterborne transportation market by offering the most climate-friendly, low-cost, and customer-delighting boating experiences in the world.”
