Swedish marine technology company Candela has raised €30 million in its largest funding round to date, with new investment from International Finance Corporation (IFC) and continued backing from investors including EQT Ventures and SEB.

Despite a slowdown in climate tech investment, Candela is scaling rapidly, driven by strong demand for vessels that combine zero emissions with competitive operating costs.

Proven in public transport

The Candela P-12 has demonstrated strong results in Stockholm’s public transport system, where it is faster and more cost-efficient than diesel ferries, while reducing energy use by up to 80 percent.

Using hydrofoil technology, the vessel lifts above the water to reduce drag, reaching cruising speeds of 25 knots and carrying up to 30 passengers.

Scaling for global demand

Candela is now moving into serial production at its Rotebro facility, with a growing order book of more than 65 vessels.

"With this funding, we will scale production and meet growing demand across Europe, the US and Asia," says Gustav Hasselskog, Candela CEO & Founder.

The first P-12 units for Mumbai are now shipping, with further deliveries planned across Europe, the US and Asia.

Candela -12 testsailing in Trondheimsfjorden. Photo: Lars Bugge Aarset/Fremtidens Industri

Tested in Trondheim

Candela is a member of the Ocean Autonomy Cluster and has tested the P-12 in the Trondheim fjord through the Frostabåten project.

“The test with the P-12 has received massive attention, and our experience is that the vessel performed very well, also in more demanding conditions,” says Linda Cathrine Hald, project manager for Frostabåten at FI Ocean Space Incubator. 

Trials between Trondheim and Frosta, as well as to Vanvikan and Munkholmen, have demonstrated strong performance, supported by data collection from NTNU and SINTEF.

The project explores new low-emission “bus on water” concepts and aims to evaluate future routes and operational models for electric passenger transport.

Ingrid Sandnes, head of  FI Ocean Space Incubator and Linda Cathrine Hald, project manager for Frostabåten. Photo: Lars Bugge Aarset/Fremtidens Industri