By Dominic Chopping
STOCKHOLM--Candela received an order for 20 of its hydrofoiling electric ferries from a new customer in Norway.
Norwegian public transport operator Boreal ordered 20 of the boats, each with a capacity of 25 passengers, to service new and existing routes along the Norwegian coast and across the country's fjords.
Candela's ferries, known as the P-12, are fitted with a hydrofoil system that lifts the boats completely out of the water, cutting drag and reducing overall energy consumption by up to 80% versus conventional ships of similar size, the company said. They can travel around 40 nautical miles at 25 knots before they need an hour to fully recharge.
The boats have adopted the car-charging standard, so that operators can use existing infrastructure such as the Tesla supercharger network without the need for major investments.
"Candela P-12 is the only electric passenger vessel that combines longer range with high speed without requiring extensive charging infrastructure," said Boreal's chief executive officer, Nikolai Knudsmoen Utheim.
"Our investment will enable new high speed routes both in cities and in rural areas."
The first two P-12 vessels will be delivered in 2027, with the remaining boats dispatched between 2028 and 2030.
Financial terms weren't disclosed.
With an order backlog that extends to over 65 of the vessels from customers in India, Saudi Arabia, the Maldives, Thailand and Germany, the company is expanding its manufacturing footprint to keep pace.
A recent 30 million euro ($34.8 million) fundraising will be used to finance a new factory in Poland, while another plant is planned for the U.S. East Coast to serve customers stateside.
Candela has raised a total of 129 million euros since Gustav Hasselskog founded it just over a decade ago.
In an announcement Wednesday, Hasselskog said he is stepping down from his role as CEO in June in order to become chairman and devote more time to research and development, investors, and sales.
"With many of the core technological and product-related uncertainties resolved, the company is now entering a phase where operational execution and systematic scaling become increasingly central," Hasselskog said. "I believe this is the right moment for a transition in leadership, aligned with the company's next phase of expansion."
He will be replaced by Sofia Graflund, who currently serves as chief strategy officer. Graflund previously worked at the venture capital business of private equity firm EQT--an early backer of Candela--and has held senior roles at Northvolt and Heart Aerospace.
"We're now entering our next growth phase on a market valued at multiple billions globally, where we see demand for at least 5,000 vessels per year in the long term," Graflund said.
Candela aims to be in a position to launch an initial public offering in two to three years.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
April 09, 2026 03:00 ET (07:00 GMT)
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