Electric ship maker Candela has secured €30 million in new funding as rising global fuel prices and growing pressure to decarbonize transport accelerate demand for next-generation maritime solutions.
The financing round, the company’s largest to date, increases the total capital raised to 129 million euros and consolidates Candela’s position as the best-financed manufacturer of electric ships in the world. The round was supported by existing investors such as EQT Ventures, SEB Private Equity, KanDela AB and Ocean Zero LLC, as well as a new €8 million investment from International Finance Corporation (IFC), part of the World Bank Group.
The capital injection will be used to finance a second production facility in Poland, allowing Candela to increase production of its P-12 hydrofoil ferries and meet rapidly growing international demand.
The increase comes at a crucial time for the maritime sector, as volatile oil markets and rising fuel costs alter the economics of maritime transport. Investors are increasingly turning to technologies that not only reduce emissions, but also offer a clear cost advantage over conventional diesel-powered ships.
Candela’s P-12 ferry represents a significant technological shift in this direction. It was recently named one of the most important inventions of 2025 by TIME magazine and is the world’s first electric hydrofoil ferry to operate in scheduled service. The ship uses a proprietary computer-controlled hydrofoil system that lifts it above the surface of the water, dramatically reducing drag and reducing energy consumption by up to 80 percent compared to conventional ships.
The result is not only zero-emission travel, but also shorter travel times and lower operating costs – a combination that is proving increasingly attractive to both municipal transport companies and private operators.
Founder and chief executive Gustav Hasselskog said the technology effectively creates an entirely new category of ships that challenges centuries-old maritime design principles. By reducing reliance on fossil fuels and improving efficiency, he argued, the platform allows cities to realize the full potential of their waterways without being constrained by high fuel costs.
The commercial viability of the model has already been demonstrated in the Nordic markets, where the P-12 has been used in public transport systems in Stockholm, Gothenburg, Oslo and Trondheim. Initial results show significantly reduced travel times and operating costs while maintaining strong technical performance.
With series production now underway and initial customer deliveries beginning this month, Candela has built a growing order backlog of more than 65 vessels. From 2026, the company plans to expand into a number of international markets, including India, where a fleet of ten ferries is expected to reduce travel time between Navi Mumbai Airport and the city center from around two hours to just 35 minutes.
Additional deployments are planned in the Maldives, Saudi Arabia’s NEOM project, Thailand and other regions, reflecting what the company describes as a global shift toward efficient, low-emission water transport.
Central to Candela’s growth strategy is a move away from traditional single-ship construction towards scalable, platform-based manufacturing using advanced carbon fiber designs. This approach allows the company to deliver high-performance vessels at a more competitive price, eliminating one of the biggest barriers to adoption in the maritime sector.
IFC’s involvement also signals increasing institutional interest in sustainable transportation solutions, particularly in emerging markets where infrastructure constraints and rising fuel costs pose acute challenges.
Farid Fezoua, IFC director of equity, funds and venture capital, said the investment reflected a broader push to accelerate the adoption of innovative mobility solutions while mobilizing private capital and supporting job creation.
Meanwhile, investors stressed that the changing macroeconomic backdrop was a key driver of the deal. Rising oil prices, exacerbated by geopolitical instability, are making traditional shipping models more expensive to operate and strengthening the case for electric alternatives.
Marnix van der Ploeg of EQT Ventures noted that hydrofoil technology fundamentally changes cost dynamics, making electric vessels not only ecologically more advantageous, but in many cases also economically superior.
Despite an overall slowdown in global climate technology investment, Candela’s successful capital raise highlights a growing disparity in the industry: Technologies that can compete on cost and performance continue to attract capital, even as funding for more speculative or subsidy-dependent projects declines.
As global transportation systems come under increasing economic and environmental pressure, Candela’s expansion signals that the maritime sector, long seen as lacking in innovation, may be entering a period of accelerated transformation.
