Candela raises €30M to accelerate electric boat revolution
Swedish electric boat manufacturer Candela, often dubbed the “Tesla of boats” for its high-performance, battery-powered vessels, has secured a new €30 million funding round led by EQT Ventures and the World Bank Group’s International Finance Corporation (IFC). The fresh capital will support large-scale production of the company’s zero-emission hydrofoil ferries and leisure boats, targeting both urban transport and premium consumer markets.
Backing from EQT and World Bank’s IFC
The participation of EQT Ventures, one of Europe’s most active growth investors, alongside the World Bank’s private-sector arm IFC, signals growing institutional confidence in maritime electrification. IFC’s involvement underscores the potential impact of clean propulsion technologies on emerging markets, coastal cities, and island nations that rely heavily on marine transport.
With this funding, Candela plans to expand manufacturing capacity, strengthen its engineering teams, and accelerate certification and deployment of its commercial ferry models. The company is positioning its technology as a scalable solution for city authorities and operators seeking to cut emissions from short-haul routes.
Hydrofoil tech to cut emissions and operating costs
Candela’s vessels use advanced hydrofoil systems and proprietary electric propulsion to lift the hull above the water, dramatically reducing drag. This design allows higher speeds with significantly lower energy consumption than conventional diesel boats, while slashing noise pollution and wake.
The company claims that its electric ferries can reduce operating costs through lower fuel and maintenance expenses, while helping operators meet tightening emissions regulations in ports and coastal areas. As cities worldwide search for ways to decarbonise transport networks, electrified waterborne mobility is emerging as a complementary alternative to road and rail.
Scaling a new segment of sustainable mobility
The new funding round places Candela among the leading innovators in the fast-growing electric mobility and climate tech sectors. With support from EQT Ventures and IFC, the company aims to move from niche premium products toward mass adoption of electric ferries and workboats, potentially reshaping how coastal cities and archipelagos move people and goods over water.