Electric vessel manufacturer Candela has raised €30 million in its largest funding round to date as demand grows for low-emission maritime transport. The round includes €8 million from the International Finance Corporation (IFC), part of the World Bank Group, alongside existing investors EQT Ventures, SEB Private Equity, KanDela AB and Ocean Zero LLC.
The funding brings Candela’s total capital raised to €129 million since launch.
The company said the investment will support a second manufacturing facility in Poland to scale production of its hydrofoiling P-12 electric ferry. The raise comes despite a wider slowdown in climate technology investment and follows the deployment of the P-12 in public transport networks in Stockholm, Gothenburg, Oslo and Trondheim.
Candela said the vessel has reduced operating costs and travel times compared with conventional diesel ferries.
The P-12, named one of TIME magazine’s most important inventions of 2025, uses a computer-controlled hydrofoil system to lift the hull above the water. This reduces energy consumption by up to 80 per cent and eliminates wake.
Founder and CEO Gustav Hasselskog said the company is introducing a new category of vessel. “Ships have been essentially the same for hundreds of years,” he said. “We’re redefining waterborne transport by creating a new category of vessel.” He said the technology allows cities to use waterways more efficiently while reducing reliance on fossil fuels.
With more than 65 vessels on order, Candela plans global expansion from 2026. Deployments are scheduled for Mumbai, where travel times between Navi Mumbai Airport and the city centre are expected to fall from around two hours to 35 minutes. Further rollouts are planned in the Maldives, Saudi Arabia’s NEOM project and Thailand.
Hasselskog said the company’s production model is key to lowering costs. “By moving away from small-series production, we’ve built a platform that serves multiple markets,” he said. “In a market where climate tech funding is down, raising our largest round shows the transition is moving beyond subsidies.”
IFC Director Farid Fezoua said the investment supports innovation in emerging markets. “This investment reflects IFC’s commitment to advancing innovative transportation solutions,” he said.
SEB Private Equity’s Simone Hirschvogl said the company has demonstrated global demand across Europe, the United States and Asia. EQT Ventures Managing Director Marnix van der Ploeg said rising fuel costs are reshaping maritime economics. “Candela’s hydrofoil technology lowers operating costs, making electric vessels commercially competitive,” he said.
