Stockholm-based Candela has completed its largest financing round to date, raising SEK 320 million (€30 million), valuing the company at approximately SEK 2.5 billion. The round includes backing from all existing investors—EQT Ventures, SEB Private Equity, KanDela AB, and Ocean Zero LLC—as well as new investor IFC, the private-sector arm of the World Bank Group, which contributed €8 million.
The fresh capital will fund the construction of a second manufacturing facility in Poland and support global deliveries of Candela’s innovative P-12 electric hydrofoil ferries. More than 65 vessels are already on order worldwide.
“The capital we have raised is sufficient to run operations until a potential IPO in Stockholm within two to three years,” says Gustav Hasselskog, CEO and founder of Candela.
A New Category of Vessel
The Candela P-12 has been recognized as one of TIME magazine’s most important inventions of 2025. It is the world’s first electric hydrofoil ferry in regular commuter service. Using Candela’s proprietary hydrofoil system and C-POD electric motors, the vessel lifts above the water, cutting energy consumption by up to 80% compared with conventional ferries, while producing zero wake.
“Ships have remained largely unchanged for hundreds of years. We’re redefining waterborne transport and creating a new vessel category, allowing cities to fully utilize waterways efficiently, without the cost trap of fossil fuels,” says Hasselskog.
The P-12 has already demonstrated strong performance in Stockholm, Gothenburg, Oslo, and Trondheim, reducing travel times and operating costs significantly compared to diesel ferries.
Scaling Global Operations
With serial production underway, Candela will begin customer deliveries this month. From 2026, the P-12 fleet will expand to markets including Mumbai, Maldives, Saudi Arabia’s NEOM project, and Thailand. In Mumbai alone, ten P-12 ferries are expected to reduce travel times from Navi Mumbai Airport to the city center from two hours to 35 minutes.
The new Polish factory will enable scalable production of advanced carbon-fiber vessels, moving away from small-series, one-off shipbuilding and making zero-emission transport more accessible to emerging markets.
“By moving away from small-series production, we can deliver technologically advanced vessels at competitive prices, freeing operators from the fossil-fuel cost trap,” explains Hasselskog.
Investor Confidence
Despite a 50% decline in climate-tech funding since 2021, Candela’s record-breaking raise signals strong investor confidence in cost-effective, high-performance electric vessels.
Farid Fezoua, Director for Equity, Funds, and Venture Capital at IFC, commented:
“This investment accelerates the adoption of breakthrough maritime technology in emerging markets, mobilizes private capital, and enables more efficient water-based mobility.”
Simone Hirschvogl of SEB Private Equity added:
“Candela has proven global demand, from the Nordics to Asia, and we look forward to supporting the next phase of its expansion and commitment to a sustainable future.”
Marnix van der Ploeg of EQT Ventures emphasized:
“Rising fuel costs are transforming the economics of waterborne transport. Candela’s hydrofoil technology dramatically lowers operating costs, making electric vessels commercially superior to traditional ferries.”
With €129 million raised since inception, Candela is now the best-funded electric vessel manufacturer in the world, setting the stage for a global expansion of zero-emission, hydrofoiling transport.
