CANDELA (IEU GT)

Promoter – Financial Intermediary

CANDELA TECHNOLOGY AB

Location

• Sweden

Description

The promoter, Candela Technology, produces highly efficient electric-powered foiling boats targeting leisure and commercial market segments. Established in Sweden in 2014, the company develops, produces and commercialises boats with hydrofoiling technology which are exclusively powered by electricity. The project supports the promoter's further research, development and innovation (RDI) on the commercial market technology and products at its headquarters, as well as the facility extension and manufacturing capacity expansion at the current plant near Stockholm.

Objectives

The aim is to help the promoter accelerate the fossil free transition on sea transportation.

Sector(s)

• Industry - Manufacturing

Proposed EIB finance (Approximate amount)

EUR 30 million

Total cost (Approximate amount)

EUR 74 million

Environmental aspects

The project falls under the scope of Annex II of the Environmental Impact Assessment (EIA) EU Directive 2014/52/EU (amending 2011/92/EU). Screening with local authorities is currently on-going and decision is awaited. The promoter will share all required and updated environmental permits upon receipt. In case a full EIA is required, the promoter will provide the EIA report to the EIB services for publication. As a pre-condition before the first disbursement, the EIB will require that the promoter receives the fully-fledged environmental permits from the local and national authorities.

Procurement

The promoter has been assessed by EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the promoter is subject to the EU public procurement legislation then the EIB will duly inform the European Commission and this will require the promoter to apply those rules.

Status

Under appraisal