Candela secures investment to scale production of foiling vessels

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Swedish technology company Candela has raised €24m (US$27m), led by EQT Ventures, with participation from existing investor and curator of TED, Chris Anderson.

The financial boost will be used by the company to triple the size of its R&D team, which consists of engineers from the aerospace, electronics and software sectors. The money will also be used by Candela to improve production of its foiling vessels by way of an additional automated factory and to scale up the sales side of the business to meet the international demand for the company’s electric leisure and commercial vessels.

By scaling up its business, Candela aims to have a significant impact on the level of CO2  emissions created worldwide by fast coastal marine activities. At present, marine transportation is responsible for 4-5% of the world’s annual CO2  emissions. By combining sustainable shipping and lower operational costs, Candela seeks to transition the marine industry away from combustion engines to electric forms of vessel propulsion.

“The investment from EQT Ventures will allow us to double down on our mission to speed up the transition to fossil-fuel-free lakes and oceans,” commented Gustav Hasselskog, CEO at Candela. “It took us four years to develop the technology and two more years to master it. Now we are ready to scale up fast. Our recreational craft are in high demand as they offer an electric alternative that is much better than the ICE competitors. For commercial operators, Candela’s 90% lower energy cost is an additional important driver for switching to electric.”

“The transition to clean passenger transportation has been very fast on land,” said Lars Jörnow, partner at EQT Ventures. “Now, with Candela’s technology, it will also happen on water. We want to support Candela to further strengthen its role as the technology leader while scaling up the production fast, so that the positive environmental impact of Candela can become global.”

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After spending six years working as a mechanic for various motorsport and high-end performance car companies, Callum joined UKi Media & Events in February 2020 as an assistant editor. In this role he uses his vast practical knowledge and passion for automotive to produce informative news pieces for multiple vehicle-related sectors.

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