Hydrofoil boat builder secures €25 million
Swedish electric hydrofoil vessel maker Candela has announced it has secured the largest funding round in the company’s history.
The €24.5 million has come from boat builder Groupe Beneteau, which has a global presence of 15 factories, nine brands and a turnover of €1.46 billion a year, it says.
Candela says the money will go towards expanding production of its P-12 ferry, the pre-production of which it unveiled last November.
The ferry’s maiden voyage is scheduled for July, when it will transport people in the Swedish capital in half the time of a conventional ferry due to the minimal wake enabled by the foiling technology, the company says.
Quoting Business Insights, Candela says the market for electric vessels could be worth US$14 billion in 2030, ‘driven by strong national incentives to decarbonise shipping’.
“We’ve spent years developing the technological maturity, and now we’re fit for scaling to commercial vessels,” said founder and CEO Gustav Hasselskog. “As in any industry, the fastest-scaling company will dominate the market.
“The P-12 starts a new chapter in waterborne transport. Its efficient hydrofoil tech cuts lifetime emissions by 97.5% compared to diesel vessels, while simultaneously allowing operators to halve costs.
“Since it generates minimal wake, the P-12 has been granted exemptions from speed limits, as for example on its maiden route in Stockholm.”
