Swedish electric boat manufacturer Candela hopes to popularize the electric boat market with its latest model, a vessel that cruises above the water on hydrofoil wings. The Candela C-8 uses computer sensors to lift the boat up on the foils so its hull is elevated above the water. In doing so, it reduces drag and lowers the amount of energy needed to power the boat.According to Candela's communications manager, Mikael Mahlberg, the speedboat's underwater foils work just like an airplane's wing when the boat reaches a certain speed. An onboard computer system, prompted by sensors, directs the boat to pitch up onto the foils once the boat reaches a speed of 16 knots. Mahlberg told Insider that public interest in electric boats has been hampered by the inferior range and speed of existing products compared with combustion engine alternatives.He said that electric planing boats — boats that have a hull designed to skim on the water's surface — often quickly lose battery power as they create greater surface tension. Hydrofoil technology could give electric boats longer range, he said.If you want to go electric, this is the only way to do that, said Mahlberg.The C-8 speedboat cruises at speed of 20 knots — with a top speed of 30 knots — and can travel up to 50 nautical miles on a single charge.At 8.5 meters in length, the boat can accommodate 8 people and sleep 4 in a front cabin. Mahlberg told Insider that the boat is completely silent, has no wake when on its foils, and can be up to 95% cheaper to operate compared to a conventional combustion engine boat due to its lower energy requirement.The idea with Candela is to speed up the transition to fossil fuel-free lakes and oceans. And to do that, you have to make an electric boat that is not only vastly better than today's electric boats, but vastly better than combustion engine boats. You have to make the very best boat you can, said Mahlberg.Work on the C-8 began 16 months ago. But the hydrofoil technology has been under development since 2014 and was used in the company's first model, the Candela C-7, which launched in 2019.According to Mahlberg, the C-8 model is an improvement on its predecessor because it features a more efficient foiling system and is designed to be mass produced.It's the same as the Tesla Roadster compared to the Tesla model S … same price, very much more advanced product, he said.Mahlberg told Insider that Candela plans to build 1,800 boats per year by 2026, including both leisure and commercial boats.The company says it will this year debut a hydrofoil waterbus in Stockholm, Sweden. The 30-passenger vessel will be trialed in late 2022 by the City of Stockholm as a potential replacement for larger, diesel-powered ferries. If you look at marine transportation, there are more emissions from water borne transport than global flight emissions, said Mahlberg.Candela had already received orders for the ferries from across Europe, he added.While the ferry trial isn't set to begin until late 2022, deliveries of the C-8 will begin this summer, when the first 100 customers receive their boats, Mahlberg said.It costs around €290,000 ($329,000) to purchase the C-8. Mahlberg told Insider that Candela would be focusing principally on European and US markets. The US is our biggest market because a lot of people are super cool with just buying a $300,000 boat and ordering it online without seeing it, he said.The Candela C-8 joins a growing market for electric boats. Last year, Bloomberg first reported that a team of former Space X engineers plan to build a $300,000 electric speedboat.The team at Arc said that their limited edition electric boat — Arc One — will also be cheaper to operate than a conventional combustion engine boat and will be rolled out this year, according to the company website. Other electric boat companies, such as X Shore, also debuted new models last year.