Funding

[Funding alert] Stockholm-based Electric Vessel Maker Candela Secures €25 Million in Funding

Mar 19, 2024 | By Startup Rise EU

Stockholm-based electric vessel maker Candela secures €25 million in funding to expand production of its game-changing electric ferries.

Stockholm-based electric vessel maker Candela secures €25 million in funding to expand production of its game-changing electric ferries.

One of the main players in the €25 million round is the world's largest boat manufacturer, Groupe Beneteau. Kan Dela AB, Ocean Zero LLC, and EQT Ventures, three seasoned investors, are among the other funders in the round. With this latest investment, Candela has received approximately €70 million in capital overall since its founding.

Transportation by water accounts for 3% of worldwide greenhouse gas emissions. Still, because conventional ships and boats are inefficient at high speeds, electrification has been reluctant to catch on among recreational and commercial vessels.

Read also - Baden-based Crosstown H2R Secures over €2 Million in Funding

RECOMMENDED FOR YOU

recomd
Funding
[Funding alert] Wallonia-based VIVES IUF Secures €70Million in Funding
Startup Rise EU
Jan 31, 2024
recomd
Funding
[Fudning alert] Dutch-based Social Platform Amigos Raises €1M Funding
Startup Rise EU
Feb 26, 2024
recomd
Funding
SmartCap invests €5M in Antler Nordic Fund II
Startup Rise EU
Jul 5, 2024

The marine sector has been disrupted by Candela's unique computer-stabilized hydrofoil craft. They consume 80% less energy than other boats and ships as they soar above the water's surface, achieving a first for the marine industry in terms of long range and fast speed while running on battery power.

Gustav Hasselskog, Founder and CEO of Candela said,"We couldn’t be more excited about having Groupe Beneteau on board. As the leading global boat company, their trust is a stamp of approval for our technology to transform waterborne transportation. We’re excited for the possibilities ahead,”.

Additionally, Candela's completely linked boats are better in turbulent waters and on narrow waterways thanks to certain features. Motion sickness and discomfort are eliminated when an onboard flight controller counteracts waves using real-time data from sensors. Because Candela vessels don't make a wake when foiling, they can travel farther in less time than traditional craft that are constrained by speed limits.

Bruno Thivoyon, CEO at Groupe Beneteau said, “Our investment perfectly aligns with Groupe Beneteau‘s ecological transition objectives, scaling up innovative solutions for more sustainable boating and unparalleled navigation experiences. Candela’s technology, enabling significantly more efficient electric vessels, will transform waterborne transport into its next sustainable phase, the world’s largest boat manufacturer with a turnover of €1.46 billion, 15 factories, 9 brands, and more than 8,000 yachts built annually. "

In order to meet demand for the recently introduced Candela P-12, the world's first electric hydrofoil ferry, production will be scaled up with the aid of the new financing round. The P-12, the world's first rapid and long-range electric ferry, ushers in a new era of aquatic transportation.

Read also - Munich-based VC Alpine Space Ventures Secures €10 Million in Funding

When compared to diesel vessels, its effective hydrofoil technology reduces lifetime emissions by 97.5% while also enabling operators to cut costs in half. The P-12 has been exempted from speed regulations because it leaves little wake behind. For example, on its first route in Stockholm, it will reduce travel times in half starting in July as compared to road transportation and older diesel vessels.

Fortune Business Insights projects that the market for electric vessels will be valued $14.2 billion in 2030, mostly due to the significant national incentives aimed at decarbonizing shipping. The Emissions Trading System (ETS) for maritime transportation was extended by the European Union in 2023. Additionally, nations such as Norway are advocating for zero-emission fjords, requiring the use of electric ferries and boats.

Gustav Hasselskog said, “We’ve spent years developing the technological maturity, and now we’re fit for scaling to commercial vessels. As in any industry, the fastest-scaling company will dominate the market,”

Lars Jörnow, Partner at EQT Ventures said, “EQT Ventures has steadfastly backed Candela’s vision to accelerate the shift towards fossil fuel-free lakes and oceans since 2021. The launch of Candela’s P-12 vessels signifies a watershed moment in sustainable transport,”.

About Candela

Candela has altered the concept of a boat. The only electrical boat in the world with the same speed and range as a fossil boat. And an unmatched temperament in choppy waters. Just the boats of the future.

Recommended Stories for You

story
Funding

[Funding alert] London-based Unfabled Secures €1.4 Million in Funding

Startup Rise EU Feb 6, 2024

story
Funding

[Funding alert] European-based Battery Recycling Startup Circu Li-ion Secures €8.5 million in Seed Funding

Startup Rise EU Oct 24, 2023

story
Funding

[Funding alert] AI Platform Machine Discovery Secures £4.5M in Funding

Startup Rise EU Sep 27, 2023

story
Funding

[Funding alert] Berlin-based Yendou Raises €1.2 Million in Pre-Seed Funding

Startup Rise EU Feb 28, 2024

story
Funding

[Funding alert] Swiss Startup PLAN-B NET ZERO Secures €9.2 Million in Series A Round Funding

Startup Rise EU Dec 13, 2023

story
Recent Articles

[Funding alert] Berlin-based DUDE CHEM Secures €6.5 Million in Seed Funding

Startup Rise EU Feb 7, 2024