Candela

About Candela

Candela is a Swedish-based manufacturer aiming to decarbonize marine transportation through its hydrofoiling electric boats. The company was founded in 2014 by Gustav Hasselskog, a mechanical engineer who sought a solution to the high environmental impact of traditional powerboats after observing his own boat consumed 15 times more fuel per kilometer than a car. Hasselskog left his management career, dedicating a year of personal savings to research, and concluded that hydrofoil technology was the key to achieving both speed and range in electric vessels.

The company's business model revolves around the direct sale of its electric vessels to two primary client segments: leisure boat consumers and public transport operators. Revenue is generated from the sale of these vessels, maintenance and repair services, and potentially through the licensing of its proprietary technology. Candela targets a global market, with established partnerships and sales in Europe, the US, and the Middle East, including a significant order for its P-12 ferry for Saudi Arabia's NEOM project.

Candela's core technology is its computer-stabilized hydrofoil system, which lifts the boat's hull above the water, reducing energy consumption by approximately 80% compared to conventional planing hulls. This drastic reduction in water friction allows Candela's boats to achieve long range and high speed on battery power alone, a persistent challenge for the electric boat industry. A key feature is the onboard 'Flight controller,' which uses sensors to counteract wave movements, providing a smooth ride and eliminating motion sickness. The boats produce almost no wake, allowing them to travel at high speeds in areas with speed restrictions that limit conventional vessels. The company also develops its powertrain in-house, including the Candela C-POD, a silent, submerged direct-drive motor designed for efficiency and minimal maintenance.

The product line includes leisure crafts like the C-8, which boasts a range of 57 nautical miles at 22 knots, and commercial vessels like the P-12 electric ferry. The P-12, designed for public transport, can carry 30 passengers and has been integrated into public transport systems in cities like Stockholm, where it has halved commute times on certain routes. The company has received over €70 million in funding from investors including EQT Ventures, Groupe Beneteau, and SEB Private Equity to scale production of these vessels.