Candela brings its P-12 electric ferry to Tahoe and adds another $14M to build more

Electric passenger boat startup Candela has topped off its most recent raise with another $14 million, the company announced Thursday, and has sold the first of its ferries in the U.S. — bound for Lake Tahoe.

Candela makes a series of all-electric hydrofoiling watercraft, meaning the body of the boat rises above the surface of the water on fins as it gets up to speed. This looks a little precarious but is actually quite stable (I’ve piloted one myself) and helps reduce water resistance, raising range and smoothing out the ride.

Earlier this year, the Swedish company raised $25 million in a series C round intended to, among other things, bankroll the deployment of its P-12 (i.e. 12 meters, ~30 passengers) ferry to its first customers. The first P-12s were understandably put to work in Stockholm, but they have since made deals of varying immediacy in New Zealand, Saudi Arabia, Berlin, and now, Tahoe.

This first U.S.-based boat (just the one for now) will travel a north-south route to allow people living near and visiting the picturesque lake to travel without driving. Tahoe’s roads can get very full during the high season and when they’re closed for snow, so more options for commuters and tourists will surely be welcome.

Although the company has only built and actively deployed a handful of boats, it is now building at scale: Candela recently celebrated the 100th vessel built (this includes the smaller C-7 and C-8 speedboats). The new funding will go towards scaling up production for the P-12 in Stockholm.

Other electric boat companies, like Zin and Navier, are also making moves — Zin is taking the top-down approach exemplified by Tesla, focusing on high-end private vessels first and bringing the price down, while Navier is close to Candela in going after small-scale passenger markets like the Bay Area.

The series C extension round (which technically brings it up to $40 million) was led by by SEB Private Equity, with participation by existing investors EQT Ventures and KanDela AB.

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