Money for climate tech is always good news, but especially when it backs all-electric innovation to change the game in waterborne public transport at a time when the global economy faces a conflict-driven oil crisis.
This key investment forms the largest funding round secured to date by electric hydrofoil pioneer Candela. It will finance a second manufacturing facility to scale production of the company’s revolutionary P-12 ferries.
Positioning Candela to meet growing global demand, the funding win reflects the standout commercial success in service of its P-12 vessel, which has demonstrated strong technical performance, significantly reduced operating costs, and dramatically shorter travel times compared to traditional diesel ferries.
In all, the round brings Candela’s total capital raised to €129M since inception, making 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. They were joined by new investor the International Finance Corporation (IFC) — the private-sector arm of the World Bank Group — which contributed €8M.
Sustainability is the winner here, says Farid Fezoua, IFC Director for Equity, Funds and Venture Capital:
“This investment reflects IFC’s commitment to advancing innovative transportation solutions in emerging markets. We aim to accelerate the adoption and early deployment of breakthrough maritime technology, mobilise private capital, create high-value jobs, and enable more efficient water-based mobility.”
The raise defies a broader downturn in climate-tech investment and follows the recent, successful real-world deployment of the P-12 in public transport across Stockholm, Gothenburg, Oslo, and Trondheim.
New category of vessel
The commitment from investors is a strong endorsement for innovation. Named one of Best Inventions of 2025 by TIME Magazine, 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, with zero wake.
The business case for clean and green is clear, says Gustav Hasselskog, founder and CEO of Candela:
“From a physics perspective, ships have essentially been the same for hundreds of years. We’re redefining waterborne transport by effectively creating a new category of vessel. This allows cities and municipalities to take full advantage of waterways — while escaping the fossil-fuel cost trap that has long prevented them from being used efficiently.
“In a market where climate tech funding is down around 50% since 2021, raising our largest round ever sends a clear signal: The transition is moving beyond subsidies and green premiums.”
Going global, Mumbai to NEOM
With serial production now up and running and the first customer deliveries already starting, more than 65 vessels are currently on order. From 2026, deployments are slated for Mumbai — where a fleet of 10 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.
There is broad commercial appeal, notes, Simone Hirschvogl, Investment Director at SEB Private Equity:
“The company has demonstrated global demand, with sales across the Nordics, the US, and key Asian markets. We look forward to supporting the next phase of expansion and their commitment to a more sustainable future.”
Break with maritime tradition
In a move that breaks with maritime industry traditions of relying on one-off construction, Candela is now applying scalable, platform-based serial production to advanced carbon-fibre vessels.
The second factory, to be located in Poland, will make zero-emission transport more accessible to emerging markets around the world, as scale shrinks production costs and boosts competitiveness, adds Hasselskog:
“By moving away from small-series production — which inevitably drives high costs — we’ve built a platform that serves multiple markets. This allows us to deliver technologically advanced carbon-fibre vessels with industry-leading operating costs at a competitive price-point, freeing operators from the cost trap of fossil-fuel ships.”
Ultimately, the numbers stack up, concludes Marnix van der Ploeg, Managing Director at EQT Ventures:
“Rising fuel costs are fundamentally changing the economics of waterborne transport. Candela’s hydrofoil technology dramatically lowers operating costs, making electric vessels commercially superior to traditional ferries. That’s why we backed the company early and are proud to continue supporting the team as they scale production globally.”
Computer-controlled flight
Candela is a Swedish technology company developing electric hydrofoiling vessels for passenger transport and leisure. Founded in 2014 by Gustav Hasselskog, the company builds boats that fly above the water on computer-controlled hydrofoils, reducing energy consumption by up to 80% compared to conventional ships.
The company has around 240 employees, with manufacturing in Stockholm and offices in Bangkok. As well as the P-12 electric hydrofoil ferry operating in public transport, Candela also produces the C-8 leisure boat.
Further Reading:
- More about electric hydrofoil pioneer Candela; and its P-12 ferry;
- More about the International Finance Corporation (IFC); part of the World Bank Group;
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