Candela’s flying electric boats raise additional €24M

Candela’s flying electric boats raise additional €24M for scaling up mass production

Electrek.co by Micah Toll

[{"selector":"#anim-a5759f75-609c-46ba-9b1a-f64d4c1d7889","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] It’s only been a few months since Stockholm-based Candela announced plans for its mass-produced C8 electric hydrofoil boat , but production planning is moving full steam ahead.

[{"selector":"#anim-9c3725b2-d45c-49d5-8a17-2c34fc23905a","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] And now, things may begin moving into overdrive thanks to a large new funding round that will see €24 million added to the company’s war chest.

[{"selector":"#anim-ed8218a9-e1cf-42a1-9e06-efb030787d9a","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] It’s the largest funding round ever completed by a European boat maker, gas-powered or electric.

[{"selector":"#anim-70036bea-6edb-47f1-8200-0b21e0741a24","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The new funding round was led by EQT Ventures and saw participation from existing investor Chris Anderson, the Curator of TED.

[{"selector":"#anim-85f5b335-e740-4630-8327-5a635467e4f6","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] According to the company, the additional funding will be used to triple Candela’s fast-growing R&D team, invest in production automation, and scale up the production of its electric vessels.

[{"selector":"#anim-c6bc6946-b699-4d31-aa26-c44ff1a8144e","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Candela plans to build the “world’s most automated boat factory” in north Stockholm, which will be capable of producing 400 Candela C-8 boats per year, as well as a number of Candela’s larger P-30 passenger ferries.

[{"selector":"#anim-0a56272a-2315-403d-ac8d-470d66647626","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The funding round helps boost the already considerable cash flow generated by sales of the upcoming Candela C-8 boat, which is outselling gas-powered Scandinavian boats in its class.

[{"selector":"#anim-893538f8-546d-474e-8da7-59c24fcc8af8","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Read more about Candela’s flying electric boats and watch my "test-drive" video at Electrek.co.