With waterborne transport now on a path to becoming faster, cheaper and more sustainable than land transport in many cities, Swedish tech company Candela have raised $20M, which will be used to bring their foiling 30-passenger ferry, the Candela P-12 Shuttle, to mass production in the company’s new Stockholm factory.
Candela’s electric hydrofoil technology aims to encourage operators to switch to sustainable electric vessels by offering shorter travel times, frequent departures and more comfort than traditional ships while substantially decreasing operational costs.
The investment is co-led by EQT Ventures and investor duo Joel Eklund (Fosielund Holding AB) and Svante Nilo Bengtsson (Marknadspotential AB), with participation from Ocean Zero LLC, among others.
For operators, the real allure of the Candela P-12 lies in its ability to cut operational costs by 50%, thanks to the low energy usage and maintenance. Gustav Hasselskog, Candela’s founder and CEO, remarked: ‘This new investment will unlock the potential of underutilised waterways for climate-friendly, high-speed commuting. The P-12 Shuttle will in many cases be faster and cheaper than land transport like bus lines, and it will be profitable for operators from day one.’