Foiling ferry innovator Candela raises €30M for new production facility

Photo: Candela

Raising €30M (about $34.6M), Candela AB’s largest funding round to date, with the World Bank’s IFC arm joining existing investors, will finance a second foiling ferry manufacturing facility to scale production of its groundbreaking hydrofoiling P-12 ferries and meet growing global demand.

The €30M round brings Candela’s total capital raised since its inception to €129 million, which, says the company, makes it the best-funded electric vessel manufacturer globally.

The round was backed by all existing shareholders—EQT Ventures, SEB Private Equity, KanDela AB, and Ocean Zero LLC—alongside new investor the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, which contributed €8 million.

The P-12 is the world’s first electric hydrofoil ferry in scheduled commuter service. At its core is Candela’s proprietary computer-controlled hydrofoil system and C-POD motors, which lift the vessel above the water and cut energy consumption by up to 80%versus conventional ships—while producing zero wake.

The Candela P-12 has proven successful in Stockholm’s public transport, significantly reducing travel times and operating costs

Global expansion underway

With serial production now up and running and first customer deliveries starting in this month, more than 65 vessels are currently on order. From 2026, deployments are slated for Mumbai—where a fleet of ten P-12s will cut travel times from Navi Mumbai Airport to the city centre from around two hours to 35 minutes—as well as the Maldives, Saudi Arabia’s NEOM project, Thailand, and additional markets.

Candela is applying scalable, platform-based serial production to advanced carbon-fiber vessels, breaking from the maritime industry’s traditional reliance on one-off construction. It says that the second factory—to be located in Poland—will make zero-emission transport more accessible to emerging markets around the world.

“By moving away from small-series production—which inevitably drives high costs—we’ve built a platform that serves multiple markets,” says Gustav Hasselskog, Candela’s founder and CEO. “This allows us to deliver technologically advanced carbon-fiber vessels with industry-leading operating costs at a competitive price point, freeing operators from the cost trap of fossil-fuel ships.

“In a market where climate tech funding is down around 50 percent since 2021, raising our largest round ever sends a clear signal: the transition is moving beyond subsidies and green premiums. Our vessels win on cost and performance, and that’s why investors are backing Candela. I’m truly grateful for that trust.”

“This investment reflects IFC’s commitment to advancing innovative transportation solutions in emerging markets,” said Farid Fezoua, IFC director for equity, funds and venture capital. “By supporting Candela’s expansion, we aim to accelerate the adoption and early deployment of breakthrough maritime technology in emerging markets, mobilize private capital, create high-value jobs, and enable more efficient water-based mobility.”

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