Candela has raised a $20M funding round to revolutionize public transportation through electric hydrofoils.

 

Candela has raised a $20M funding round to revolutionize public transportation through electric hydrofoils.  The company claims its hydrofoils can reduce urban traveling time by 50%. The company has built P-12, an electric-powered hydrofoil that is used to travel over water. The vehicle can go up to 60 nautical miles at a speed of 27 knots. Candela claims the P-12 uses 80% less energy than a diesel vehicle and costs 40% less. The company is set to start operating in Stockholm, with plans to expand in New York, Sydney, Hong Kong, etc. EQT Ventures led the funding round, with participation from Ocean Zero and angel investors. Since its inception in 2014, the company has raised over $25M.