Swedish electric vessel manufacturer Candela recently secured €30 million in its largest funding round to date, a move aimed at scaling the production of its hydrofoiling ferry, the P-12. This investment, occurring in March 2026, was led by the International Finance Corporation (IFC)—the private-sector arm of the World Bank—and supported by existing investors like EQT Ventures and SEB Private Equity.
The capital is primarily designated for the construction of a new 10,000-square-meter manufacturing facility in Gdańsk, Poland, which will complement the company’s existing Stockholm plant and boost annual production capacity to 100 vessels. Amidst soaring oil prices and a general downturn in climate-tech venture capital, Candela’s hydrofoil technology stands out by reducing energy consumption by up to 80% compared to traditional vessels, offering a commercially superior and zero-emission alternative for urban water transport.
Key Highlights
- Funding Milestone: Raised €30 million, bringing total capital to €129 million, making Candela the world’s best-funded electric vessel manufacturer.
- The P-12 Ferry: A “flying” electric hydrofoil ferry that lifts its hull above water to drastically reduce drag, eliminate wake, and cut operational costs.
- Expansion Plans: Construction of a second production site in Gdańsk, Poland, expected to be operational by 2027 with a capacity of 70 boats per year.
- Global Demand: Currently holds an order backlog of over 65 vessels, with projects slated for:
- Mumbai, India: A fleet of 10 ferries to reduce a two-hour commute to just 35 minutes.
- Saudi Arabia: Support for the NEOM project.
- Other Markets: Deliveries planned for the Maldives, Thailand, and Southeast Asia.
- Economic Advantage: By bypassing the “fossil-fuel cost trap,” the P-12 offers significantly lower operating costs, which is increasingly attractive as traditional fuel prices rise.
- Strategic Support: New investor IFC aims to accelerate the deployment of this technology in emerging markets to create high-value jobs and sustainable mobility.
In February 2026, the Candela P-12 made history by completing a 160-nautical-mile (296 km) voyage from Gothenburg, Sweden, to Oslo, Norway, marking the longest journey ever recorded by an electric passenger ship. This “maritime marathon” was designed to prove that high-speed electric transit is no longer restricted to short, fixed commuter hops or reliant on multi-million dollar charging infrastructure. By utilizing its signature hydrofoil wings to fly above the waves, the P-12 demonstrated that it could traverse international waters while consuming up to 80% less energy than traditional displacement vessels, all while maintaining a service speed of 25 knots.
The journey highlighted a major shift in maritime logistics: flexibility. Unlike existing electric ferries in Oslo that require massive, stationary battery-swapping stations or megawatt-scale grids, the P-12 was powered using standard DC fast chargers already available for electric cars. In remote stretches of the Scandinavian coast, the team even utilized a mobile battery system towed by an electric pickup truck, proving the vessel can operate in areas with weak or undeveloped power grids.
Record-Breaking Journey Details
- The Route: A three-day trek starting in Öckerö (Gothenburg) and stopping at several coastal towns including Smögen and Strömstad before arriving in Oslo.
- Energy Efficiency: The total electricity cost for the entire 160-nautical-mile trip was just over €200, averaging roughly €0.12 per kilometer.
- Versatile Charging: Recharged using the Aqua SuperPower marine network and mobile 360 kW chargers, avoiding the need for dedicated, high-cost port infrastructure.
- Operational Specs:
- Cruising Speed: 25 knots (reaching up to 30 knots in trials).
- Single-Charge Range: 40 to 50 nautical miles.
- Capacity: 30 passengers plus one crew member.
- Passenger Comfort: The computer-controlled foils adjusted 100 times per second to eliminate 90% of wave-induced motion, virtually canceling out seasickness even in choppy coastal waters.
- Environmental Impact: Beyond zero emissions, the foiling technology creates near-zero wake, protecting shorelines from erosion and allowing the vessel to maintain high speeds in “no-wake” zones.
Visit Candela P-12 pages for more information
