Yachting Art Magazine

Against a backdrop of rising energy prices and a slowdown in investment in climate technologies, the Swedish shipbuilder Candela has announced a €30 million funding round. This round, the largest the company has secured to date, brings the total capital raised to €129 million and consolidates its position as one of the best-funded players in the electric ship sector.

The fundraising comes at a time when funding for green technologies has been declining since 2021. Against this backdrop, Candela’s ability to attract new capital whilst retaining the support of its existing investors sends a strong signal to the market.

The round brings together existing shareholders — EQT Ventures, SEB Private Equity, KanDela AB and Ocean Zero LLC — as well as a prominent new entrant: the International Finance Corporation (IFC), the World Bank Group’s private sector financing arm, which is contributing €8 million on its own.

Beyond the amount raised, the nature of the investors highlights the growing interest in industrial solutions capable of reconciling the energy transition with economic viability, particularly in emerging markets.

Industrial acceleration and ramp-up

The funds raised should enable Candela to accelerate its industrial development, notably through the construction of a second production facility in Poland. The aim is to increase manufacturing capacity to meet growing demand, reflected in an order book exceeding 65 units.

This ramp-up is part of an industrialisation strategy based on mass production, breaking with traditional practices in the naval sector, which has historically been dominated by one-off builds. By adopting a platform-based approach, the company aims to reduce unit costs and achieve wider adoption of its technologies.

Commercial momentum driven by passenger transport

The success of this fundraising round is also underpinned by the initial operational feedback from the electric hydrofoil ferries developed by Candela, which are already in service in several Nordic cities. These trials have demonstrated significant gains in terms of operating costs and journey times, reinforcing the economic appeal of the model.

It is against this backdrop that the company has undertaken a strategic repositioning, focusing more on passenger ferries rather than pleasure craft. This decision reflects a shift towards markets offering greater visibility, often supported by public or institutional orders, and less exposed to fluctuations in leisure demand.

International growth prospects

The increase in production capacity must accompany a geographical expansion that is already underway. Deployments are announced from 2026 onwards in several areas with high urban density and mobility constraints, notably in India, but also in the Middle East and South-East Asia.

In these markets, the combination of growing demand for rapid transport and high fossil fuel costs is driving interest in energy-efficient electric solutions.

An economic equation at the heart of the investment

Beyond environmental considerations, the deal highlights a key factor: the economic competitiveness of the proposed solutions. The reduction in operating costs, made possible by substantial energy efficiency gains, appears to be the main driver of investor interest.

In a climate where financing is becoming more selective, Candela’s fundraising thus illustrates a shift in the sector: transition technologies are no longer assessed solely on the basis of their environmental impact, but also on their ability to establish themselves as economically superior alternatives.

Through this transaction, Candela is taking a further step forward in its development, seeking to combine technological innovation, industrialisation and profitability — three dimensions that are now inseparable in the energy transition economy.