Swedish electric boat manufacturer Candela has raised €30 million from existing investors and the International Finance Corporation (IFC) to scale up production of its hydrofoil vessels, the company said.
The funding will support the construction of a second manufacturing facility in Gdańsk, Poland, aimed at increasing output of the battery-electric Candela P-12 ferry. The model is already operating in Stockholm’s public transport network and is being introduced in additional Nordic cities, including Gothenburg, Oslo and Trondheim.
Candela said the P-12 uses hydrofoil technology, allowing the vessel to rise approximately one metre above the water during operation, reducing drag and improving efficiency while reaching speeds of up to 25 knots (46 km/h).
The company is seeking to meet rising international demand, with a reported order backlog of more than 65 vessels valued at around 2 billion Swedish kronor (€185 million), according to Swedish media. Orders include deployments in Mumbai, India, as well as projects in the Maldives and Thailand.
In Mumbai, Candela plans to deploy a fleet of P-12 vessels to significantly reduce travel times between Navi Mumbai Airport and the city centre, cutting journeys from about two hours to 35 minutes.
To support this expansion, Candela will establish a 10,000-square-metre production site in Gdańsk, expected to be operational by 2027. The facility will complement its existing Stockholm plant and is projected to produce up to 70 vessels annually, contributing to a combined output of around 100 units per year.
Gustav Hasselskog, founder and chief executive of Candela, said the company is shifting toward larger-scale production to reduce costs. “By moving away from small-series production—which inevitably drives high costs—we’ve built a platform that serves multiple markets,” he said. “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.”
The latest funding round included participation from investors such as EQT Ventures, SEB Private Equity, CanDela AB and Ocean Zero LLC, alongside IFC, which contributed €8 million. Candela said total funding has now reached €129 million.
Separately, Candela recently signed a memorandum of understanding with Canopy Power to develop electric water transport solutions in the Asia-Pacific region. The partnership aims to combine Candela’s vessels with microgrid systems, including floating solar and battery storage, to reduce reliance on fossil fuels in island and coastal communities.
