Candela funding to scale up electric ferry production

This new investment brings Candela’s Series C funding up a total of $40M in 2024.

”This funding underscores investor confidence in Candela’s innovative approach to vessel power and propulsion and its mission to decarbonise transport,” said Gustav Hasselskog, founder & CEO of Candela.

“The success of the P-12 electric ferry in Stockholm proves that our technology can transform waterborne transportation globally,” 

Scaling demand

The investment will scale production of Candela’s P-12 electric ferry at the Rotebro facility to meet growing global demand.

Key projects are already underway in NEOM, Berlin, New Zealand, and beyond, with the P-12 platform offering operators significant emissions reductions, shorter travel times, and lower operational costs.

Candela’s cutting-edge power and propulsion technology promises to provide a zero-emission alternative, combining sustainability with operational efficiency.

In Stockholm, the P-12 ‘Nova’ has halved commuter travel times during its third week in public transport service.

The P-12 is available in several different arrangements – Shuttle, Voyager and Business – suited for different use cases.

The innovative technology comprises the C-POD motor, C-Foil System and the proprietary Flight Controller software. The C-POD features two compact permanent magnet motors powered by four 63kWh batteries.

This Series C round, supported by SEB Private Equity alongside EQT Ventures and KanDela AB, will help ensure Candela’s financial stability into the future.

With growing interest from cities and operators worldwide, Candela said it is poised to redefine sustainable maritime transport while proving the financial viability of green innovation in the vessels sector.