Candela, the Swedish startup known for its innovative hydrofoil ferries, has raised an additional $14 million in its Series C extension, bringing the total funding to $40 million in 2024. The investment, led by SEB Private Equity, will help Candela expand its operations into the U.S. market, starting with Lake Tahoe.
Candela’s hydrofoil technology allows its vessels to “fly” above the water, reducing energy consumption by 80% compared to traditional boats. This makes them an eco-friendly alternative for waterborne transport, which is projected to reach $15.3 billion by 2032. The company’s P-12 ferry, capable of carrying 30 passengers, will be used for public transport in Stockholm and has also been sold to FlyTahoe for operations on Lake Tahoe.
CEO Gustav Hasselskog stated, “This investment is a testament to Candela’s technology and its unique ability to solve the pressing issue of decarbonizing transport.” The new capital will be used to aggressively target the rapidly expanding global market for electric waterborne transport.
Candela’s success in securing funding during a challenging economic period highlights the potential of its technology to transform the transportation industry and contribute to a more sustainable future.
#Candela #Hydrofoil #ElectricFerry #Sustainability #Investment #TechNews #Sweden #LakeTahoe #GreenTransport #UKIndia | Johan Torgeby
