Candela, the electric hydrofoil vessel manufacturer, has secured €24.5m in funding, marking the largest round in the company's history.

The funding will be used to expand production of the Candela P-12 ferry, the first fast and long-range electric ferry on the market. The P-12 uses hydrofoil technology to cut lifetime emissions by 97.5% compared to diesel vessels while allowing operators to halve costs. Groupe Beneteau, the world's largest boat manufacturer, was a key partner in the funding round.

Candela's hydrofoil craft use 80% less energy than other ships and boats, offering operators lower operational costs and incentivising a transition to sustainable vessels