Electric flying boats might sound like a futuristic concept. But soon, they will be operating in Saudi Arabia.

‍What’s happening:‍

• Electric boat startup Candela has announced a new partnership to supply Saudi Arabia’s sustainable development project NEOM with their hydrofoil boats for public transportation purposes
  

The big idea:‍

• Candela has developed a fully electric hydrofoil boat that is capable of operating long range distances without producing nearly any emissions whatsoever into the atmosphere
  

Why it matters:‍

• Decarbonizing water transportation has been on the rise, with multiple startups emerging to pursue everything from electric outboard motors to fully electric recreational boats
  
• Saudi Arabia and the UAE have been heavily focused on ways to reduce their carbon dioxide emissions, previously launching new collaborations for lithium batteries, solar energy and even backing Lucid (NASDAQ: LCID) to build the first ever electric vehicle manufacturing factory in the Kingdom
  

By the numbers:‍

• The Candela P-12 uses 80% less energy than traditional boats and can reach top speeds of 25 knots
  
• Since inception, Candela has raised €70M in venture capital funding to develop their electric boat technology
  
• The new purchase from Saudi Arabia of 8 Candela P-12 boats represents the largest single order in the history of the company thus far
  

Going deeper:‍

• The government of Sweden has already embraced Candela’s electric flying boats and plans to officially launch them to the public for transportation in Stockholm the near future
  
• The NEOM development is one the most ambitious developments in Saudi Arabian history, aiming to combine tourist attractions with a global trade hub that is entirely powered by renewable energy

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