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Tuesday, January 18, 2022

€24M for Swedish electric boat maker

Swedish tech firm Candela — known for cracking the code for long-range electric crafts and topping electric boat sales — has announced it’s raised €24M, led by EQT Ventures, with participation from existing investor Chris Anderson, the Curator of TED. The new capital will boost the company’s already substantial cash influx from sales and will be used to triple R&D, invest in production automation and scale up the sales organisation to meet demand for Candela’s electric leisure and commercial vessels worldwide.

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The shift to zero emission boats and ships has been hampered by the enormous energy consumption and correspondingly low range of conventional electric boats. Flying on computer-guided underwater wings — known as hydrofoils — that reduce energy consumption by 80% compared to conventional planing craft, Candela’s vessels soar above the waves in silence with 2-3 times longer endurance than the best conventional electric powerboats. The active hydrofoil system stabilises the vessels in-flight using computer power and advanced software that accounts for waves and side winds, allowing for a wake-free and smoother ride than conventional boats.

Over the past three years, Candela’s high-tech hydrofoil vessels have disrupted the global boating industry by being the first to offer the elusive combination of long all-electric range and high speed. Since 2019, Candela has led electric boat sales in Europe with its foiling C-7 sportsboat. Now, the company is building on this success with the mass market Candela C-8, a day cruiser that the company has close to 100 orders for, just three months after launch.

Gustav Hasselskog, CEO of Candela, commented: “We’ve shown that our hydrofoil tech is the key to make electric boats commercially viable. We’re seeing boundless demand for the Candela C-8, as well as huge interest in our commercial vessels. 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. It took us four years to develop the technology and two more years to master it. Now we are ready to scale up fast.”

Lars Jörnow, Partner at EQT Ventures, added: “Candela is the world’s leading company for cutting-edge technology that makes leisure and passenger crafts fossil-free. The transition to clean passenger transportation has been very fast on land. Now, with Candela’s technology, it will happen also 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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