Electric boat maker Candela is nearing cruising speed with $25 million in new funding and the first commercial deployment of its new P-12 ferry in New Zealand. The company has global ambitions for high-efficiency boats and has completed and delivered dozens of boats to date. This is very common in this industry.
Candela has been gradually increasing the size of its containers over the years, starting with the much smaller C-7 and C-8 (note the lengths are in metres), and as of this week has totaled 70 pieces. It has produced. The P-12 is a ferry designed to carry up to 30 passengers and debuted late last year.
Just last week, the P-12 was given its first mission. The idea was to take a ferry around New Zealand's Lake Manapouri, a scenic destination and, more importantly, the site of the country's largest hydroelectric power plant. Now, staff at the station can travel to work by clean-running boat instead of by car, which the company estimates will reduce emissions by around 240 tonnes a year. It's a start, but it also helps keep the lake clean and quiet.
International interest in these boats is evidenced by Groupe Beneteau, a 100-year-old boat company that manufactures thousands of vessels a year, participating in the funding round. CEO Bruno Tivoillon said in a press release that the investment in Candela makes sense as part of the company's “ecological transition goal of expanding innovative solutions for more sustainable boating operations.” He said that
Many traditional boat companies are adopting electric engines and next-generation technology. I spoke to Dave Foulkes of Brunswick, another major manufacturer, about this at CES. He said the partnership is fruitful because growing small businesses need revenue and reach, while large enterprises need technology that can be deployed quickly. Like any industry, you need to know when to buy and when to build, and the big boat companies are willing to buy or invest.
Candela's boat uses a hydrofoil with an electric engine attached to the bottom, which effectively flies above the water above a certain speed, significantly reducing energy consumption. This makes sense historically, but it's also a sticking point for electric boats. This approach requires a strong autopilot to keep it balanced, and I wonder how they will handle log collisions despite their assurances, but overall The advantages seem to outweigh the disadvantages.
I drove this ferry in Seattle over the summer (watching carefully for logs, which is rather common in Elliott Bay), and it replaced the gas-guzzling high-speed passenger ferry with a P-12. I thought you would like it. Candela is not alone in pursuing this market. Navier is also seeking to attract people from coastal communities with quiet, energy-efficient transportation, currently shuttling Stripe employees within the Bay Area. Although Zin Boats has been quiet for a while, they are also securing a market for the next version of their vessels.
The $25 million round was led by Beneteau as mentioned above, with participation from EQT Ventures, Ocean Zero LLC, and Kan Dela.
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