Scaling Up Electric Passenger Boat Production
Swedish electric passenger boat startup Candela has announced that it has topped off its recent raise with an additional $14 million, bringing the total investment to $40 million. This latest funding round was led by SEB Private Equity, with participation from existing investors EQT Ventures and KanDela AB.
First U.S.-Based Electric Ferry in Lake Tahoe
The new funding will be used to scale up production of Candela’s P-12 (12 meters, ~30 passengers) ferry, which has already made deals in Stockholm, New Zealand, Saudi Arabia, Berlin, and now, Lake Tahoe. The first U.S.-based electric ferry is scheduled to travel a north-south route on the picturesque lake, providing an alternative mode of transportation for commuters and tourists.
Benefits of Electric Ferries
Candela’s all-electric hydrofoiling watercraft reduces water resistance, increasing range and smoothing out the ride. This design also helps reduce environmental impact by minimizing emissions. The company has already deployed a handful of boats in various locations around the world, with over 100 vessels built to date.
Competition in Electric Boats
Other electric boat companies, such as Zin and Navier, are making moves in the market. Zin is focusing on high-end private vessels, while Navier is targeting small-scale passenger markets like the Bay Area. Candela’s approach of building at scale and deploying its ferries to various locations around the world sets it apart from competitors.
Expansion Plans
The new funding will enable Candela to expand its production capacity in Stockholm, where the company has already celebrated the 100th vessel built (including smaller C-7 and C-8 speedboats). With this additional investment, Candela is well-positioned to meet growing demand for electric passenger boats and ferry services.
Partnership with FlyTahoe.com
The first U.S.-based electric ferry will be operated by FlyTahoe.com, allowing customers to book a trip on the picturesque Lake Tahoe. This partnership demonstrates Candela’s commitment to providing innovative and sustainable transportation solutions.
Investors’ Confidence in Candela
SEB Private Equity, EQT Ventures, and KanDela AB have shown their confidence in Candela’s vision for electric passenger boats by participating in this funding round. The additional $14 million will enable the company to scale up production and meet growing demand for its ferries.
Candela’s Impact on Climate
By reducing emissions and minimizing environmental impact, Candela’s electric ferries contribute to a more sustainable future for transportation. With its innovative design and commitment to scaling up production, Candela is poised to make a significant impact in the climate-conscious market.
Conclusion
Candela’s latest funding round demonstrates the company’s commitment to innovation and sustainability in the transportation sector. With additional $14 million, Candela will be able to scale up production of its P-12 ferry, providing an alternative mode of transportation for commuters and tourists on Lake Tahoe and other locations around the world.
About Candela
Candela is a Swedish electric passenger boat startup that makes all-electric hydrofoiling watercraft. The company has already deployed a handful of boats in various locations around the world, with over 100 vessels built to date. With its innovative design and commitment to sustainability, Candela is poised to make a significant impact in the transportation sector.
About SEB Private Equity
SEB Private Equity is a leading investment firm that provides capital to growth-oriented companies across Europe. The firm has a strong track record of investing in innovative startups like Candela, demonstrating its confidence in their vision and potential for growth.
About EQT Ventures
EQT Ventures is a venture capital fund that invests in early-stage startups with high growth potential. The firm has invested in various sectors, including transportation and sustainability, and has shown its support for companies like Candela that prioritize innovation and environmental impact.
About KanDela AB
KanDela AB is a Swedish investment company that focuses on supporting innovative startups with significant growth potential. The company has invested in Candela from an early stage, demonstrating its commitment to the startup’s vision and mission.
Related Topics:
- Electric Boats: Candela’s electric ferries are part of a growing trend towards sustainable transportation solutions.
- Sustainability: By reducing emissions and minimizing environmental impact, Candela’s electric ferries contribute to a more sustainable future for transportation.
- Transportation: With its innovative design and commitment to sustainability, Candela is poised to make a significant impact in the transportation sector.
Additional Resources:
- Candela Website: www.candela.com
- SEB Private Equity Website: www.seb.se
- EQT Ventures Website: www.eqtv.vc
This article provides an overview of Candela’s latest funding round, expansion plans, and impact on the climate. It also highlights the company’s innovative design and commitment to sustainability in the transportation sector.