Transport

Electric hydrofoil ferry funding accelerates as Candela raises €30M amid rising fuel costs

March 24, 2026
Flying electric vessel maker Candela raises €30M amid soaring oil prices Candela’s largest funding round to date, with the World Bank’s IFC arm joining existing investors, will finance a second manufacturing facility to scale production of its groundbreaking hydrofoiling P-12 ferries and meet growing global demand. The round brings Candela's total capital raised to €129 million since its inception, making it the best-funded electric vessel manufacturer globally. It was backed by all existing shareholders—EQT Ventures, SEB Private Equity, KanDela AB, and Ocean Zero LLC—alongside new investor the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, which contributed €8 million. The raise defies a broader downturn in climate-tech investment and follows the recent, successful real-world deployment of the P-12 in public transport across Stockholm, Gothenburg, Oslo, and Trondheim, where the vessel demonstrated strong technical performance, significantly reduced operating costs, and dramatically shorter travel times compared to traditional diesel ferries. A new category of vessel Named one of TIME magazine's most important inventions of 2025, the P-12 is the world's first electric hydrofoil ferry in scheduled commuter service. At its core is Candela's proprietary computer-controlled hydrofoil system and C-POD motors, which lift the vessel above the water and cut energy consumption by up to 80 percent versus conventional ships—while producing zero wake. "From a physics perspective, ships have been essentially the same for hundreds of years," says Gustav Hasselskog, founder and CEO. "We're redefining waterborne transport by effectively creating a new category of vessel. This allows cities and municipalities to finally take full advantage of waterways—while escaping the fossil-fuel cost trap that has long prevented them from being used efficiently." The Candela P-12 has proven successful in Stockholm’s public transport, significantly reducing travel times and operating costs. Global expansion underway With serial production now up and running and first customer deliveries starting in this month, more than 65 vessels are currently on order. From 2026, deployments are slated for Mumbai—where a fleet of ten P-12s will cut travel times from Navi Mumbai Airport to the city centre from around two hours to 35 minutes—as well as the Maldives, Saudi Arabia's NEOM project, Thailand, and additional markets. Candela is applying scalable, platform-based serial production to advanced carbon-fiber vessels, breaking from the maritime industry's traditional reliance on one-off construction. The second factory—to be located in Poland—will make zero-emission transport more accessible to emerging markets around the world. "By moving away from small-series production—which inevitably drives high costs—we've built a platform that serves multiple markets," says Hasselskog. "This allows us to deliver technologically advanced carbon-fiber vessels with industry-leading operating costs at a competitive price point, freeing operators from the cost trap of fossil-fuel ships. “In a market where climate tech funding is down around 50 percent since 2021, raising our largest round ever sends a clear signal: the transition is moving beyond subsidies and green premiums. Our vessels win on cost and performance, and that's why investors are backing Candela. I'm truly grateful for that trust." Quote from IFC: “This investment reflects IFC’s commitment to advancing innovative transportation solutions in emerging markets,” said Farid Fezoua, IFC Director for Equity, Funds and Venture Capital. “By supporting Candela’s expansion, we aim to accelerate the adoption and early deployment of breakthrough maritime technology in Emerging Markets, mobilize private capital, create high-value jobs, and enable more efficient water-based mobility.” Quote from SEB Private Equity: “We are thrilled to further support Candela on this next phase of growth, with strong progress in both technology deployment and commercial growth. The company has demonstrated global demand, with sales across the Nordics, the U.S., and key Asian markets. We have strong conviction in Candela and look forward to supporting the next phase of its global expansion and their commitment to a more sustainable future,” says Simone Hirschvogl, Investment Director at SEB Private Equity. Quote from EQT Ventures: “Rising fuel costs are fundamentally changing the economics of waterborne transport,” said Marnix van der Ploeg, Managing Director at EQT Ventures. “Candela’s hydrofoil technology dramatically lowers operating costs, making electric vessels commercially superior to traditional ferries. That’s why we backed the company early and are proud to continue supporting the team as they scale production globally.”
  • Electric hydrofoil ferry maker Candela has raised €30M to scale production
  • The funding includes backing from the World Bank’s IFC
  • The P-12 ferry reduces energy use by up to 80% compared to conventional vessels
  • Rising oil prices are accelerating interest in electric maritime transport
  • Global deployments are planned across Europe, Asia and the Middle East

Electric hydrofoil ferry funding is gaining momentum as Swedish company Candela secures €30 million to expand production of its electric vessels, highlighting growing interest in alternatives to fossil-fuelled maritime transport.

The investment round, which includes backing from the International Finance Corporation (IFC), part of the World Bank Group, will support the development of a second manufacturing facility and scale production of Candela’s P-12 electric hydrofoil ferry.

The funding comes at a time of rising global fuel costs, with increasing pressure on transport operators to reduce both emissions and operating expenses.

Electric hydrofoil ferry funding signals shift in maritime transport

The electric hydrofoil ferry funding reflects a broader shift in the maritime sector, where operators are seeking more efficient and lower-emission alternatives to conventional diesel vessels.

Candela’s P-12 ferry uses a computer-controlled hydrofoil system that lifts the vessel above the water, significantly reducing drag. According to the company, this design can cut energy consumption by up to 80% compared to traditional ships, while also eliminating wake.

Real-world deployments across cities including Stockholm, Gothenburg, Oslo and Trondheim have demonstrated reduced operating costs and shorter journey times compared to conventional ferries.

Gustav Hasselskog, founder and CEO of Candela, said: “From a physics perspective, ships have been essentially the same for hundreds of years. We’re redefining waterborne transport by effectively creating a new category of vessel.”

Why maritime transport is difficult to decarbonise

Maritime transport is widely considered one of the most challenging sectors to decarbonise due to the energy demands of moving large vessels through water.

Traditional ships rely on fossil fuels because of their high energy density and the lack of scalable alternatives. However, innovations such as hydrofoil technology reduce resistance and energy requirements, making electrification more viable for certain routes, particularly in coastal and urban transport.

As fuel prices increase and environmental regulations tighten, technologies that improve efficiency and reduce reliance on fossil fuels are gaining attention from both investors and policymakers.

For more on clean transport developments, see our coverage of transport innovation.

Global expansion plans supported by new investment

The latest funding round brings Candela’s total capital raised to €129 million and will support expansion into new international markets.

More than 65 vessels are currently on order, with planned deployments in regions including India, the Maldives, Saudi Arabia and Thailand. In Mumbai, a fleet of P-12 ferries is expected to significantly reduce travel times between the airport and city centre.

The company is also developing a second manufacturing facility in Poland to support increased production capacity and improve access to emerging markets.

Farid Fezoua, Director for Equity, Funds and Venture Capital at IFC, said: “By supporting Candela’s expansion, we aim to accelerate the adoption of innovative transportation solutions in emerging markets and enable more efficient water-based mobility.”

The investment comes despite a broader slowdown in climate technology funding, suggesting continued confidence in solutions that combine emissions reduction with cost efficiency.

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