Candela, the Swedish electric vessel manufacturer, has successfully closed its largest funding round to date, securing significant capital to expand production. The investment, led by new backer IFC and supported by existing shareholders like EQT Ventures, will finance a second factory for its P-12 hydrofoil ferry. This development positions Candela to meet escalating global demand for sustainable maritime transport.
A New Era in Maritime Technology
The Candela P-12 represents a significant leap forward in naval architecture, earning a spot as one of TIME magazine's most important inventions. Its computer-controlled hydrofoil system lifts the hull above the water, drastically cutting energy consumption by up to 80 percent compared to conventional ships. This innovative design produces zero wake, minimizing environmental impact on sensitive waterways.
Founder and CEO Gustav Hasselskog states that the company is redefining waterborne transport by creating an entirely new class of vessel. This technology allows municipalities to better utilize their waterways for public transit, breaking free from the high operational costs of fossil fuels. The P-12 offers a financially viable and environmentally friendly alternative to traditional diesel ferries.
Proven Performance and Market Validation
The P-12 has already demonstrated its capabilities through successful deployments in public transport networks across Stockholm, Gothenburg, and other Nordic cities. During these real-world trials, the vessel showcased strong technical performance and reliability. Its deployment resulted in significantly shorter travel times and lower operating costs for transit authorities.
Fueling Global Expansion
With this new capital, Candela is poised for major international growth, bringing its total funding to $148 million. The company will establish a second manufacturing facility in Poland to scale its platform-based serial production of advanced carbon-fiber vessels. This move aims to make zero-emission water transport more accessible and affordable for emerging markets.
Demand for the P-12 is robust, with over 65 vessels currently on order and initial customer deliveries beginning this month. Starting in 2026, fleets are scheduled for deployment in Mumbai, where they will drastically reduce commute times. Further projects are planned for the Maldives, Saudi Arabia's NEOM development, and Thailand.
Investor Confidence in a Challenging Climate
This funding round is particularly noteworthy as it defies a broader downturn in climate-tech investment, which has seen a significant decline since 2021. Marnix van der Ploeg of EQT Ventures noted that rising fuel costs make Candela's low-cost electric vessels commercially superior. This economic advantage is a key driver behind continued investor support.
New investor IFC, the private-sector arm of the World Bank, highlighted its commitment to advancing innovative transport solutions in emerging markets. Farid Fezoua of IFC stated the investment aims to accelerate the adoption of this breakthrough maritime technology. Similarly, SEB Private Equity expressed strong conviction in Candela's global growth and sustainable mission.
Backed by substantial new funding and validated by successful deployments, Candela is set to revolutionize urban water transit on a global scale. The company's ability to combine groundbreaking technology with a cost-effective production model has attracted strong investor confidence. This positions Candela to lead the maritime industry's transition toward a more sustainable and efficient future.