Candela Brings Its Innovative P-12 Electric Ferry to Lake Tahoe, Adding Another $14 Million to Expand Its Fleet
Candela, the Swedish company behind a series of all-electric hydrofoiling watercraft, has announced that it has topped off its most recent raise with an additional $14 million in funding. This brings the total amount raised to $40 million, with the latest investment led by SEB Private Equity and participating existing investors EQT Ventures and KanDela AB.
What is Candela?
Candela makes a range of electric watercraft that use hydrofoils to reduce water resistance and increase range. The boats are designed to be stable and smooth, making them an attractive option for both private owners and commercial operators. Earlier this year, the company raised $25 million in a Series C round, which was intended to help deploy its P-12 (12 meters or ~30 passengers) ferry to its first customers.
First U.S.-based Boat Heading to Lake Tahoe
The first Candela boat to be sold in the United States will be heading to Lake Tahoe, where it will operate a north-south route between popular destinations. The boat was purchased by FlyTahoe.com, which plans to offer passengers a convenient and environmentally friendly way to travel across the lake.
Scaling Up Production
Candela has recently celebrated the construction of its 100th vessel (including smaller speedboats), indicating that the company is now building at scale. The new funding will be used to support increased production of the P-12 ferry in Stockholm, as well as further development and refinement of the company’s technology.
Competition in Electric Boats
Candela is not alone in the market for electric boats, with companies like Zin and Navier also making waves. Zin is taking a high-end approach to electric boat design, focusing on luxury vessels that will eventually be brought down-market as costs decrease. Navier, on the other hand, is targeting small-scale passenger markets such as the Bay Area.
Investor Participation
The Series C extension round was led by SEB Private Equity, with participation from existing investors EQT Ventures and KanDela AB. This significant investment will help Candela continue to push the boundaries of electric boat design and production.
Related Topics
- Candela: The Swedish company behind a range of all-electric hydrofoiling watercraft.
- Electric Boats: A rapidly growing market for environmentally friendly transportation options.
- SEB Private Equity: One of the leading investors in Candela’s recent funding round.
- Startups: Companies like Candela that are driving innovation and disruption in their respective markets.
Additional Reading
- Candela Raises $25 Million to Deploy All-Electric Ferries
- Electric Boats are the Future of Transportation
- The Rise of Electric Ferries
About the Author
Devin Coldewey is a Seattle-based writer and photographer. His personal website is coldewey.cc.
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