Candela, a Swedish startup, has raised $20 million to develop a more sustainable mode of waterborne transportation powered by AI which can self-stabilise itself. The company now intends to mass-produce its passenger hydrofoil vessels.
Innovative sustainable transportation alternatives with fewer environmental repercussions are entering the market. First, we observe the emergence of electric vehicles on land. There is now a push on the water to make transportation more sustainable, faster, and cost-effective – even more so than land transit.
Candela CEO and founder Gustav Hasselskog: “Waterborne transport is the next frontier set for sustainable disruption, and it’s happening now.”
EQT Ventures and investor duo Joel Eklund (Fosielund Holding AB) and Svante Nilo Bengtsson (Marknadspotential AB) co-led the funding, with participation from Ocean Zero LLC and others.
Candela’s watercraft have wings (hydrofoils) that lift the hull above the water and reduce friction, consuming 80% less energy than conventional high-speed ships. Furthermore, this technology enables long-distance water navigation using battery power. Simultaneously, the Stockholm-based company claims it allows operators to smoothly transition to sustainable fleets by offering up to 50% cheaper operational expenses. As a result, fleets are both more environmentally friendly and cost-effective: a win-win situation.
Candela’s Flight controller, a computer that autonomously stabilises the vessel during flight by adjusting the hydrofoils using data from sensors that detect wave height and wind speed, among other elements, is at the heart of the technology. As a result, passengers suffer 90% fewer g-forces than they would on a regular ship in rough weather.
This year, the Swedish innovators intend to deploy their first commercial vessel, the Candela P-12 Shuttle ferry. The ferry is expected to be one of the fastest and longest-range electric ships ever built, with a top speed of 30 knots and a range of up to 60 nautical miles.
The P-12 will also cut operational costs by up to 50% due to its low energy consumption and maintenance. At the same time, the vessel provides considerable environmental benefits. According to a recent life cycle analysis by Stockholm’s Royal University of Technology, a P-12 ferry emits 97.5% less carbon dioxide over its lifetime than a diesel vessel of the same size.
This new investment will hasten the Candela P-12 Shuttle’s mass manufacturing and usher in a new age of waterborne transportation.
Gustav Hasselskog, Candela’s founder and CEO: “This new investment will unlock the potential of underutilised waterways for climate-friendly, high-speed commuting. The P-12 Shuttle will in many cases be faster and cheaper than land transport like bus lines, and it will be profitable for operators from day one.”
Lars Jörnow, Partner at investor EQT Ventures: “The P-12 Shuttle will be a game changer for passenger water travel. Candela is on a trajectory to become a generation-defining company, revolutionising the waterborne transportation market by offering the most climate-friendly, low-cost and customer-delighting boating experiences in the world.”