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Summary sheet

Release date
8 November 2023
Reference
20220956
Project name
Promoter - financial intermediary
CANDELA (IEU GT)
CANDELA TECHNOLOGY AB
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 30 million
EUR 74 million
Location
Sector(s)
Description
Objectives

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.

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

Environmental aspects
Procurement

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.

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.

Related projects
Link to source
Summary sheet

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - CANDELA (IEU GT)
Publication Date
7 Dec 2023
Document language
Main Topic
Lending
Document Number
178369414
Document Focus
Environmental Information
Project Number
20220956
Sector(s)
Regions
Countries
Publicly available
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The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Investigations Division. All reports will be treated as strictly confidential and handled in line with EIB investigation procedures and the EIB Group Anti-Fraud Policy.

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