Candela receives 30 million euros: Hope for e-boat industry after X-Shore cancellation

Candela has completed a financing round totalling 30 million euros. The existing investors EQT Ventures, SEB Private Equity, KanDela AB and Ocean Zero LLC participated in the round. The International Finance Corporation (IFC), the private subsidiary of the World Bank Group, is a new investor, contributing eight million euros. This means that the Swedish company has raised a total of 129 million euros since it was founded. The capital is primarily intended to finance the construction of a second production facility and expand series production of the P-12 electric ferry.

Second plant to be built in Gdansk

The new factory is being built in Gdansk, Poland, and is scheduled to go into operation in 2027. The plant will be built on an area of around 10,000 square metres. An existing warehouse building will be converted for this purpose. The plant will have an annual capacity of 70 boats. Together with the existing factory in Stockholm, Candela will then be able to produce 100 units per year. The factory in Sweden currently employs around 70 people and already manufactures the P-12 ferries. From Gdansk, Candela primarily wants to supply markets in emerging countries where the demand for electric ferries is growing.

Hydrofoil technology reduces energy consumption

The Model P-12 utilises hydrofoil technology. Computer-controlled hydrofoils lift the hull about one metre above the surface of the water. The boat then glides on the hydrofoils and reaches a cruising speed of 25 knots, which corresponds to around 46 kilometres per hour. According to the manufacturer, this design reduces energy consumption by up to 80 per cent compared to conventional ferries. The boat generates hardly any stern waves. The electric C-POD engines operate silently and without exhaust fumes.

Over 65 orders have been placed

According to Candela, it has received more than 65 orders for the P-12. The order value is around 185 million euros. The first deliveries will begin in March 2026 and customers include the Indian city of Mumbai, which has ordered eleven units. The boats are intended to reduce the journey time from Navi Mumbai Airport to the city centre from two hours to 35 minutes. Further orders have been placed by the Maldives and Thailand, which have each ordered ten boats. In Scandinavia, P-12 ferries are already operating on public transport in Stockholm, Gothenburg, Oslo and Trondheim.

Platform approach reduces costs

Candela relies on a platform strategy with standardised components. The boats are made of carbon fibre and are produced in series. This approach is intended to reduce production costs and enable shorter delivery times. Gustav Hasselskog, founder and managing director of Candela, explains: "Moving away from small series production makes it possible to offer technically sophisticated carbon fibre boats at competitive prices. The operating costs are significantly lower than those of diesel ferries, as there are no fuel costs and maintenance costs are lower.

Positive signals for the electric boat industry

The financing comes at a time when the electric boat industry is sending mixed signals. Swedish competitor X Shore was liquidated at the end of January 2026. Founded in 2016, the company had also developed electric boats but was unable to find a buyer despite its international reputation. In January 2026, Norwegian investor Staale Reiersen acquired X Shore's production company and around 20 boats via an auction. His intention was to rebuild a business centred around electric drives, although no precise timetable was announced.

The development shows that the market for electric watercraft is still in the process of consolidation. While X Shore failed due to high fixed costs and a lack of scale, Candela appears to have found a more viable approach with its focus on public transport and larger volumes. IFC's involvement emphasises the potential for emerging markets, where electric ferries can offer an alternative to congested road networks.