Candela flies high – over the Atlantic.
The Swedish startup has secured $14 million, closing its Series C round at a whopping $40 million. This brings the total financing to almost 90 million US dollars.
Candela has also sold its first P-12 ferry in the US as demand for what it is grows the fastest and most far-reaching electric passenger ship in the world.
FlyTahoe, the company that will operate the service, will use the P-12 to transport tourists and locals across Lake Tahoe. Located on the California-Nevada border, this massive freshwater lake is best known for its clear blue waters and nearby world-class ski resorts.
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Candela's ferry will travel across the lake on a north-south route at 25 knots (30 miles per hour), cutting travel time in half from an hour by car to just 30 minutes – minus emissions.
“It is ironic that while millions, including myself, drive around Lake Tahoe to admire its beauty, the road sediment we create is contributing to the greatest threat to the lake's famous cobalt blue clarity,” says Ryan Meinzer, Founder and CEO of FlyTahoe.
Computer-controlled hydrofoils lift the P-12 above water, reducing drag and reducing energy consumption by 80% compared to normal boats. This also ensures a smooth, noiseless ride, regardless of waves and wind.
Lake Tahoe attracts over 15 million visitors annually and suffers from road congestion, which is made worse in the winter by heavy snow and road closures. However, because the lake never freezes, the P-12 can operate year-round, providing a faster, cleaner alternative to cruising.
Last month, Stockholm became the first city to introduce Candela's ferry into its public transport system. The P-12 runs a 15 km route from the suburb of Ekerö to the city center, cutting the 55-minute journey in half.
Candela estimates that 120 of its shuttles could replace Stockholm's entire 35-strong diesel ferry fleet. At $1.7 million (1.5 million euros) apiece, it's a big investment, but CEO Gustav Hasselskog is optimistic about the return.
“Unlike many green technologies, the costs are lower, the operation and maintenance are cheaper,” he told TNW We visited the company headquarters Earlier this year.
Backed by a new round of funding, Candela's is rushing to fulfill orders from New Zealand, Berlin, Saudi Arabia and now the US as it prepares for its biggest period of growth yet.
“Our technology provides a strong economic incentive to transition to zero-emission fleets, while unlocking the potential of waterways to reduce road congestion and enable multimodal city travel. This investment comes at a critical time for the planet,” Hasselskog said in a press release.
SEB Private Equitya global private equity investor, led the financing round with participation from existing investors EQT Ventures and KanDela AB.
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