Candela has raised an additional $14 million in its Series C funding round.
The new $14 million investment is led by SEB Private Equity, a global private equity investor, with participation of existing investors EQT Ventures and KanDela AB.
It brings Candela’s total funding for 2024 to $40 million, after a previous round this year.
The investment will enable Candela to meet the demand for its zero-emission vessels.
“This is the dawn of a zero-emission revival in waterborne transportation,” said Gustav Hasselskog, Candela’s founder and CEO.
“This investment, made during a challenging time for many companies, is a testament to Candela’s technology and its unique ability to solve the pressing issue of decarbonising transport.”
“We’re impressed by the journey Candela has made.
Anders Jöngard
The funding comes as Candela’s order book continues to grow.
Recently, the company introduced the world’s first foiling electric ferry, the Candela P-12 with its service speed of 25 knots, into Stockholm’s public transport system.
The funds will be used to scale up P-12 production at Candela’s Stockholm facility.
Additional production capabilities are also under consideration.
Candela has also secured a contract to bring high-speed electric hydrofoil transport to Lake Tahoe, marking the US debut of its technology.
Additionally, the company has closed a fleet deal to electrify water transport for Saudi Arabia’s NEOM project and announced partnerships in Berlin and New Zealand.
100th electric leisure hydrofoil vessel
Candela’s key innovation is its C-Foil, a computer-guided hydrofoil system with underwater wings that lift the hull above the water.
Candela recently marked the production of its 100th electric leisure hydrofoil vessel and is now targeting the global market for electric waterborne transport.
“We are thrilled to partner with the Candela team,” said Anders Jöngard, investment director at SEB Private Equity. “We’re impressed by the journey Candela has made in bringing cutting-edge innovation to serial production, including launching the world’s first electric hydrofoil ferry.
“As pioneers in emission-free transportation, Candela is setting new standards. We believe that the transition to a fossil-free economy will unlock significant growth opportunities, and we are committed to supporting Candela’s expansion for a more sustainable future.”
