Foiling electric vessel maker Candela has raised €30 million in the company’s largest funding round to date.
The funding with the World Bank’s IFC arm joining existing investors, will finance a second manufacturing facility located in Poland to scale production of its hydrofoiling P-12 ferries to meet growing global demand.
The round brings Candela’s total capital raised to €129 million since its inception,. It was backed by all existing shareholders — EQT Ventures, SEB Private Equity, KanDela AB, and Ocean Zero LLC — alongside new investor the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, which contributed €8 million.
We’re redefining waterborne transport by effectively creating a new category of vessel.
Gustav Hasselskog
The latest funding round follows the recent deployment of the P-12 in public transport across Stockholm, Gothenburg, Oslo, and Trondheim.
At its core of the P-12 is Candela’s proprietary computer-controlled hydrofoil system and C-POD motors, which lift the vessel above the water and cut energy consumption.
“From a physics perspective, ships have been essentially the same for hundreds of years,” explained Gustav Hasselskog, founder and CEO.
“We’re redefining waterborne transport by effectively creating a new category of vessel.
“This allows cities and municipalities to finally take full advantage of waterways — while escaping the fossil-fuel cost trap that has long prevented them from being used efficiently.”
Multiple markets
Serial production is now up and running with the first customer deliveries starting in March, with more than 65 vessels currently on order.
From 2026, deployments are slated for Mumbai — where a fleet of ten P-12s will be in use from Navi Mumbai Airport to the city centre — as well as in the Maldives, Saudi Arabia’s NEOM project, Thailand and additional markets.
“By moving away from small-series production — which inevitably drives high costs — we’ve built a platform that serves multiple markets,” said Gustav.
“This allows us to deliver technologically advanced carbon-fibre vessels with industry-leading operating costs at a competitive price point, freeing operators from the cost trap of fossil-fuel ships.”
Innovative transportation solutions
He added: “In a market where climate tech funding is down around 50% since 2021, raising our largest round ever sends a clear signal: the transition is moving beyond subsidies and green premiums.”
Farid Fezoua, IFC director for equity, funds and venture capital, added: “This investment reflects IFC’s commitment to advancing innovative transportation solutions in emerging markets.
“By supporting Candela’s expansion, we aim to accelerate the adoption and early deployment of breakthrough maritime technology in emerging markets, mobilise private capital, create high-value jobs, and enable more efficient water-based mobility.”
