Candela defies tough market to raise €30m – and adds new investor

Despite venture capital for European climate tech at a year-long low, electric boat maker Candela has managed to pull in its largest funding round to date – and a new investor.

IFC, the World Bank's private sector arm, has invested €8m in the Stockholm-based startup, joining existing backers EQT Ventures and SEB Private Equity for a total of €30m.

Farid Fezoua, IFC's head of equities, funds and venture capital, said in a statement that the investment would accelerate the development of "breakthrough maritime technology" and "enable more efficient water-based mobility."

Candela has now raised a total of €129m since it was founded.

The fresh capital will go towards scaling up production of its flagship vessel, the P-12. The company says it currently has over 65 orders in the book, with deliveries scheduled to India, the Maldives and Saudi Arabia among others.

CEO and founder Gustav Hasselskog says the investment proves the technology works commercially. "Our vessels win on cost and performance, and that's why investors back Candela," he said.

The rapid scale-up has come at a price, though. Candela turned over 125m Swedish kronor (€11m) in 2024 while posting an EBITDA loss of 210 kronor (€18.5m).

How the company performed financially in 2025 won't be known until later this year, communications chief Mikael Mahlberg told Impact Loop by email.

Hasselskog has previously been outspoken against state bailouts for climate tech companies, along the lines of those discussed for Northvolt and Stegra.

"I don't think taxpayers' money should be used to support new technology and risky projects," he told Impact Loop in an interview earlier this year.

Closer to home, there are smaller signs of progress. Stockholm has confirmed it will trial Candela's P-12 hydrofoil on a new route in the SL public transport network, running between Möja ström and Sollenkroka in the Värmdö archipelago from 2026 to 2028 – testing how the hydrofoil technology and new charging solutions hold up in island conditions.