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Electric Boat Builder Candela Secures €24M Investment for Foiling Vessel Production

8th December 2021
Candela's product lineup with the Candela C-8 DC leisure boat, the C-8 Hardtop and P-30 foiling commuter ferry.
Candela's product lineup with the Candela C-8 DC leisure boat, the C-8 Hardtop and P-30 foiling commuter ferry

Swedish marine tech firm Candela – known for cracking the code for long-range electric crafts and topping electric boat sales – has announced it’s raised €24M, led by EQT Ventures, with participation from existing investor Chris Anderson, the Curator of TED.

Candela says the new capital will boost the company’s already substantial cash influx from sales and will be used to triple R&D, invest in production automation and scale up the sales organisation to meet demand for Candela’s electric leisure and commercial vessels worldwide.

The shift to zero-emission boats and ships has been hampered by the enormous energy consumption and correspondingly low range of conventional electric boats. Flying on computer-guided underwater wings -- known as hydrofoils -- that reduce energy consumption by 80% compared to conventional planing craft, Candela’s vessels soar above the waves in silence with 2-3 times longer endurance than the best conventional electric powerboats. The active hydrofoil system stabilises the vessels in-flight using computer power and advanced software that accounts for waves and side winds, allowing for a wake-free and smoother ride than conventional boats.

Over the past three years, Candela’s high-tech hydrofoil vessels have disrupted the global boating industry by being the first to offer the elusive combination of long all-electric range and high speed. Since 2019, Candela has led electric boat sales in Europe with its foiling C-7 sportsboat. Now, the company is building on this success with the mass market Candela C-8, a day cruiser that the company has close to 100 orders for, just three months after launch.

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About Electric outboard engines

The direct-drive component in electric outboard engines means that the electric motors are incredibly efficient compared to conventional marine combustion motors, operating with considerably higher torque whilst using less power.

Without any need for gears, cooling systems and moving parts the motors are maintenance free, highly efficient and economic to run.

As a result, electric boat engines are becoming more popular on Irish waters as the world transitions from fossil fuels to green energy.

To date, popular electric engine sizes have been trolling engines typically used by fishermen on lakes.

These marine engines are available in models that can be used in fresh water and sea water, for your boat or kayak.

Electric motors are Ideal for fishermen because they are quiet and create little in the way of disturbance 

Popular electric trolling models range from 30lb thrust to 55lb thrust in a range of shaft lengths.

But use is becoming broader now in 2021 and electric outboard engines are being used on small runabouts and RIBS where electric outboard engine sizes are getting bigger.

Outboard electric engines are economical and environmentally friendly. Battery technology is also improving at a rapid rate meaning they are becoming smaller and lighter and run for longer.

Built in hydro-generation provides alternative recharging options whilst under sail are also options meaning the electric outboard now has a home on the stern on small yachts and dayboats too.

As far back as 2014, Torqeedo owner Jack O'Keefe from Cork Harbour told Afloat readers of his sailing adventures in a Drascombe Coaster dinghy and how after swapping from a petrol version the rewards from his new electric outboard engine are less noise, no smells, more stowage, better sailing performance and a motor that can be started by a small child. But it's still not silent, there's a whine he says here 

Popular brands in Ireland are Torqeedo, ePropulsion, Pulsar and Minn Kota but there are more arriving all the time as the technology advances