The World Bank’s private-sector arm wants to bring electric hydrofoiling ferries to the developing world. The move cuts against the fossil-fuels-first vision of the bank’s largest shareholder: the United States.
The International Finance Corp. has made a $9.4 million investment in Candela Technology to help the Swedish ferry startup repurpose a 2.5-acre manufacturing plant in Poland, the company announced last week.
IFC is also working with Candela to reduce the upfront costs of its 30-passenger ferries for potential customers in emerging economies, CEO Gustav Hasselskog said in an interview. The global development group could help fund a leasing company or provide low-interest loans to potential customers, Hasselskog said, which could bolster Candela sales in Latin America and India.
Hasselskog called IFC’s support “massive.”
