Candela
Assembly Line
‘Flying ferry’ startup Candela raises $14m extension and enters US market
Swedish hydrofoil ferry Candela has raised a $14m extension to its Series C, following a €24.5m raise in March. The investment was led by Swedish bank SEB’s Private Equity section, with the participation of existing investors EQT Ventures and KanDela AB. The new capital will be used to “aggressively target the rapidly expanding global market for electric waterborne transport,” which is projected to reach $15.3bn by 2032.
The funding news comes a month after Candela’s 30-passenger vessels started being used for public transport in Stockholm and the signing in August of Candela’s largest order to date — eight vessels for Saudi Arabia’s Neom project. It has also signed contracts for its vessels to serve commuters in Berlin and New Zealand this year.
Stockholm-based electric vessel maker Candela gets €25 million to speed up production
Candela, a leading maker of electric vessels, announced it has closed the largest funding round in the company’s history, to expand production of its game-changing electric ferries. A key partner in the €25 million round is the leading global boat maker Groupe Beneteau. Other backers in the round include longtime investors EQT Ventures, Ocean Zero LLC, and Kan Dela AB. The new investment brings total funding since Candela’s inception to over €70 million.
Candela’s innovative, computer-stabilized hydrofoil craft have disrupted the marine industry. As they fly above the friction of water, they use 80% less energy than other ships and boats, attaining long range and high speed on battery power – a first in the marine industry.