Swedish electric ferry startup Candela has secured €30 million in new funding from the International Finance Corporation and existing investors including EQT Ventures and SEB Private Equity. The Stockholm-based company has now raised €129 million total since 2014, making it the best-funded electric vessel manufacturer globally. The fresh capital will scale production of its hydrofoil craft that use underwater wings to lift the hull above water.

The technology allows vessels to use 80% less energy than traditional high-speed boats when "flying" above the surface. Candela has already secured orders for 65 vessels and is opening a second factory in Poland to implement scalable, platform-based serial production. CEO Gustav Hasselskog says moving from small-series to platform-based manufacturing enables competitive pricing for advanced carbon-fibre vessels.

Despite a 50% decline in climate tech funding since 2021, Candela's largest-ever funding round signals strong investor confidence in electric maritime transport. The company's 30-passenger vessels are already operating in pilot projects across Sweden, Norway, and several international markets including India, the Maldives, and Saudi Arabia's NEOM project. Hasselskog views the investment as evidence that sustainable transport is moving beyond subsidies toward mainstream adoption.