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Candela to Scale Production of Foiling E-Boats

The Swedish builder of electric boats just got about $27 million from investors.

Candela C-8
The Candela C-8 can reportedly hit 30 knots and has a drivetrain that can run maintenance-free for 3,000 hours. The builder says it has received nearly 100 orders for the C-8 within three months of launching. Courtesy Candela

Candela, the Swedish firm that builds foiling electric boats, just raised about $27 million from investors led by EQT Ventures to triple its research and development, invest in production automation, and scale up production and sales worldwide.

Candela’s boats have computer-guided underwater hydrofoils that, according to the company, reduce energy consumption by 80 percent compared to conventional planing boats. The company says it has led electric boat sales in Europe since 2019 with its foiling C-7 boat. Its newer C-8 day cruiser reportedly received nearly 100 orders within three months of launching.

“We’ve shown that our hydrofoil tech is the key to make electric boats commercially viable,” Gustav Hasselskog, CEO of Candela, stated in a press release. “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.”

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What else is Candela working on? Its P-30 ferry, which is reportedly the world’s first electric hydrofoil passenger vessel. Look for it to start carrying people near Stockholm in 2023.

Take the next step: go to candela.com

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