Candela Makes a Splash with Electric Hydrofoiling Watercraft
Candela, the Swedish electric passenger boat startup, has made waves in the industry by securing an additional $14 million in funding. This brings the company’s total Series C round to $40 million, solidifying its position as a leader in the electric watercraft market.
What is Candela?
Candela makes a series of all-electric hydrofoiling watercraft that have taken the world by storm. The innovative design features fins that raise the body of the boat above the surface of the water as it gains speed. This not only reduces water resistance but also increases range and smooths out the ride.
Early Successes and Future Plans
Earlier this year, Candela raised $25 million in a Series C round to deploy its P-12 (12 meters or ~30 passengers) ferry to its first customers. The company’s P-12 ferries have been put into service in Stockholm, with deals in various stages of completion in New Zealand, Saudi Arabia, Berlin, and now Lake Tahoe.
The first U.S.-based boat will travel a north-south route on the picturesque Lake Tahoe, providing an eco-friendly alternative for commuters and tourists. The vessel will be operated by FlyTahoe.com, allowing passengers to book their trips online.
Scaling Up Production
Candela has reached a significant milestone with the production of its 100th vessel, which includes both smaller speedboats (C-7 and C-8) and the larger P-12 ferries. The new funding will be used to scale up production for the P-12 in Stockholm.
Electric Boats: A Growing Market
While Candela is not the only player in the electric boat market, it has certainly made a name for itself. Other companies like Zin and Navier are also making waves with their own innovative designs. Zin takes a top-down approach, focusing on high-end private vessels before scaling down to more affordable options. Navier, on the other hand, is targeting small-scale passenger markets like the Bay Area.
Investors Back Candela’s Vision
The Series C extension round was led by SEB Private Equity, with participation from existing investors EQT Ventures and KanDela AB. This backing from prominent investors solidifies Candela’s position as a leader in the electric watercraft market.
The Future of Transportation
As the world continues to shift towards more sustainable modes of transportation, companies like Candela are at the forefront of innovation. With its hydrofoiling technology and commitment to reducing carbon emissions, Candela is poised for continued success in the years to come.
Key Takeaways
- Candela has secured an additional $14 million in funding, bringing the company’s total Series C round to $40 million.
- The startup has sold its first P-12 ferry to be operated by FlyTahoe.com on Lake Tahoe.
- Candela has reached a significant milestone with the production of its 100th vessel.
- Electric watercraft companies like Zin and Navier are also making waves in the market.
About Candela
Candela is a Swedish electric passenger boat startup that has revolutionized the watercraft industry with its innovative hydrofoiling technology. With its commitment to reducing carbon emissions and increasing range, Candela is poised for continued success in the years to come.
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