Candela secures Maldives deal for 10 electric ferries: ‘Simply a better experience’

Swedish startup Candela has signed a landmark deal to deploy ten of its electric P-12 hydrofoiling ferries in the Maldives – its largest fleet order to date.

The “flying” vessels, which start at around €1.7 million each, were purchased by Ego Shuttle, a local company created to operate an all-electric boat service across the island nation.

The agreement, worth at least €17 million, also includes an option for ten additional vessels.

Ego Shuttle plans to run routes connecting Malé International Airport to the outer atolls, offering tourists a quieter, smoother, and emission-free alternative to the fuel-guzzling speedboats currently in use.

Candela’s P-12 ferries use computer-guided hydrofoils that lift the hull 1.5 metres above the water, cutting drag and reducing energy consumption by up to 80 percent compared to conventional fast boats.

“It’s simply a better experience,” said Candela founder and CEO Gustav Hasselskog. “The hydrofoil technology is a win-win – better for passengers and better for the planet.”

The deal comes at a pivotal moment for the Stockholm-based firm, which remains unprofitable despite growing investor backing.

Founded in 2014, Candela raised €24.5m in early 2024 from Groupe Beneteau, EQT Ventures, Ocean Zero, and Kan Dela AB, followed by a $40m Series C led by SEB Private Equity later that year – bringing its total funding to over €70m.

According to company filings seen by Impact Loop, Candela posted an EBITDA loss of €19.1m in 2024, only a marginal improvement from the previous year.