Candela announced that it has raised €30 million ($32 million) in its largest funding round to date to scale production of its electric ferries and accelerate the commercialization of its hydrofoiling technology. The company said the new capital will be used to expand manufacturing capabilities, strengthen its global supply chain, and support entry into additional international markets as demand for its vessels continues to grow.
As part of the round, the International Finance Corporation, the investment arm of the World Bank Group, joined as a new investor, marking a significant endorsement of Candela’s role in advancing sustainable transportation infrastructure. Existing backers, including EQT Ventures & Growth and SEB Private Equity, also participated in the financing, signaling continued confidence in Candela’s long-term growth prospects, its proprietary technology, and its ability to disrupt traditional maritime transport.
The funding comes at a time when many climate tech companies are facing a slowdown in investment and increased scrutiny around capital efficiency. Despite this broader market environment, Candela emphasized that it has continued to gain traction due to the strong economic and environmental performance of its vessels. The company’s flagship P-12 electric ferry has already demonstrated measurable advantages, including faster travel times enabled by hydrofoiling capabilities, significantly lower operating costs compared to diesel-powered alternatives, and reduced maintenance requirements due to fewer moving parts.
In addition to cost savings, Candela highlighted the sustainability benefits of its technology. Its vessels are designed to consume up to 80 percent less energy than conventional ferries, helping operators reduce both fuel expenses and emissions. The near-silent operation and minimal wake generated by the hydrofoiling system also contribute to a lower environmental impact, particularly in sensitive coastal and urban waterways.
With 65 vessels currently on order from customers across Europe, North America, and other regions, Candela is now focused on ramping up production capacity to meet increasing global demand. The company plans to scale manufacturing output, expand partnerships with operators and municipalities, and continue refining its technology platform. Through these efforts, Candela aims to accelerate the adoption of electric maritime transport and position itself as a leader in the transition toward cleaner, more efficient waterborne mobility.
