Candela Secures €24M in Funding


Candela, a Stockholm, Sweden-based company maker of electric vessels, raised €24M in funding.

The round was led by EQT Ventures, with participation from existing investor Chris Anderson.

The company intends to use the funds to boost cash influx from sales and invest in R&D, production automation and scale up the sales organization to meet demand for its electric leisure and commercial vessels worldwide.

Led by Gustav Hasselskog, CEO, Candela develops and builds boats based on proprietary electric hydrofoil technology which reduces energy consumption by 80% compared to conventional boats and enables long range at high speeds.

Since 2019, Candela has led electric boat sales in Europe with its foiling C-7 sportsboat.

Funds will also be allocated to complement Candela’s Stockholm facility with an additional automated factory, which will produce the Candela C-8 alongside the commercial vessels launched earlier this year: the shuttle ferry Candela P-30 and the water taxi Candela P-12. The Candela P-30 ferry is an electric hydrofoil passenger vessel commissioned by the Region of Stockholm, where it is set to commence traffic in 2023. It will shuttle passengers to and from the city’s vast archipelago.