Sweden's electric boat startup Candela makes waves
- Ben Geman, author of Axios Generate
The Candela C-8 electric hydrofoiling boat. Photo courtesy of Candela
The Swedish electric boat startup Candela has raised $27 million from investors led by EQT Ventures, making it the latest of several firms in that space to attract fresh investment.
How it works: The company is looking to commercialize multiple types of boats that use hydrofoil technology, or "computer-guided underwater wings." They say this requires much less energy to propel the vessels.
Where it stands: The company began producing its C-7 sport boat in 2019 and is preparing to begin deliveries of another model, the C-8 seen above, this spring.
- They've also got an electric ferry slated to begin operation in Sweden in 2023.
- Candela said the new funding will enable it to triple R&D, invest in production automation and boost sales. TechCrunch has more.
The big picture: The funding round comes roughly two weeks after the electric boat startup Arc raised a $30 million Series A round from investors led by Eclipse Ventures' Greg Reichow (a Tesla alum), as well as Andreessen Horowitz and others.
- Also two weeks ago GM announced a 25% stake in the electric boating company Pure Watercraft, whose CEO told CNBC the deal was worth $150 million.