Candela Secures $24M Investment for Electric Hydrofoiling Boats

Candela's Innovative Hydrofoiling Boats and Future Plans

Candela is developing a unique type of watercraft – the hydrofoiling boat. These vessels glide above the water's surface on submerged fins, providing a remarkably smooth and efficient ride. This technology is particularly noteworthy as it’s coupled with electric propulsion.

The company recently secured $24 million in funding to enhance production of both its current smaller models and a larger, commercially focused boat. This investment supports Candela’s commitment to cleaner and more sustainable marine transportation.

Understanding the Hydrofoiling Principle

The operational principle behind these boats is relatively straightforward. As a boat moves, it naturally experiences lift and forward momentum. Traditional boats, especially in rough conditions, tend to bounce on the waves.

Hydrofoiling vessels also rise, but utilize a set of robust, blade-like fins connected to the powertrain, along with a horizontal fin positioned below. At cruising speeds, the boat lifts onto these fins, minimizing drag and wave impact, thereby significantly improving engine efficiency.

Addressing the Challenges of Hydrofoiling

Naturally, operating a boat elevated on fins presents certain challenges. The unusual appearance is one consideration, as boaters often prioritize aesthetics. However, a more practical concern is the potential for instability during turns.

The high center of gravity can cause the boat to lean excessively. Candela addresses this issue through sophisticated onboard software. This system dynamically adjusts the angle of the foil 100 times per second, maintaining balance and ensuring a coordinated turning experience.

The company representative likened this to a fighter jet’s control system, but a more relatable analogy might be an all-wheel-drive vehicle constantly adjusting to prevent slippage during turns.

Hydrofoiling and Electric Boat Range

Successfully resolving the stability challenges makes hydrofoiling a viable alternative to conventional hull designs. This, in turn, addresses a key limitation of electric watercraft: limited range.

Water resistance significantly impacts battery life, causing even the most advanced batteries to deplete faster than gasoline tanks. Increasing efficiency is crucial for extending the range of electric boats.

While meticulous design and weight reduction, as seen in Zin Boats, can improve battery performance, hydrofoiling offers a substantial efficiency gain – potentially doubling the range compared to other boats in the same class.

Current Models and Future Prospects

Candela currently offers the C-7 speedboat and is finalizing the C-8, with initial deliveries scheduled for spring. The C-8 is currently in pre-production, with approximately 80% of the work completed.

However, these crafts are currently positioned as luxury items, with a price tag of €290,000 before optional features. Despite this, Candela envisions a broader market opportunity in public transportation.

The P-30: A Commercial Ferry Solution

Ferries are vital for urban transportation in many cities, but often rely on outdated, polluting diesel engines. Candela is developing the P-30, a 30-passenger electric ferry designed to replace these older vessels.

The P-30 is slated for debut in Stockholm in 2023, with projections of 40% lower operating costs, faster transit times, quieter operation, and minimal wake. Future plans include autonomous operation, though this will be addressed as the technology matures.

With an estimated 60-mile range per charge, the P-30 could complete multiple trips without requiring frequent stops, and can be recharged quickly at terminals.

Impact and Investment

Transitioning commercial ferry and water taxi fleets to clean alternatives could significantly improve water quality and reduce pollution in coastal cities. Many municipalities may be willing to invest in this technology, recognizing the long-term benefits of reduced operating costs and enhanced environmental stewardship.

The $24 million funding round was led by EQT Ventures, with participation from Chris Anderson, curator of TED. These funds will be allocated to expanding the research and development team and scaling up production through automation.

“We’ve demonstrated that our hydrofoil technology is key to making electric boats commercially viable. Demand for the Candela C-8 is strong, and interest in our commercial vessels is growing,” stated Candela CEO Gustav Hasselskog. “This investment from EQT Ventures will accelerate our mission to transition lakes and oceans to fossil fuel-free transportation.”

While currently a luxury product, the trajectory mirrors that of electric cars. In the coming years, electric boats may become more accessible, though still likely a significant investment. However, the potential for cleaner waterways makes this a worthwhile pursuit.

Image Credits: Candela