Axopar invests 10% in European electric motor developer

Norwegian electric propulsion manufacturer Evoy has raised €6.4 million during a bridge round of funding.

Finnish boat builder Axopar, the largest builder in the Scandinavian region, has brought ‘substantial’ capital to secure a 10 per cent stake in Evoy, an extensive dealership network and orders worth over €1m to be delivered in 2023.

“It is truly inspiring to see the strong support and passion from old and new investors,” says Leif A. Stavøstrand, co-funder and CEO of Evoy. “We are thrilled to welcome Axopar as a strategic investor, bringing not only significant investments but also a great network and validation of Evoy.”

Established in 2018, Evoy specialises in building high-performance electric boats for both leisure and commercial in the 25ft to 50 ft range.

With 40 per cent of Axopar’s sales in the USA, Stavøstrand says the new partnership marks an important milestone for Evoy, opening doors into the North American market.

In a statement, Evoy says the investment will accelerate the brand towards its goal of ‘becoming the go-to brand worldwide for high-performance electric boating, not only in Europe but also [in] North America’.

The funding round also saw participation from current shareholders, including investors such as Katapult Ocean, Klaveness Marine, and Grieg Edge. The EIC Fund, serving as a cornerstone investor, also continued its support with a €1m equity investment.

The round also gained support from entrepreneurs, including Jakob Hatteland of Autostore, Johan Brand (Kahoot) and Martin Anderlind (Northvolt).

Evoy’s focuses on high-output, long-range electric motor systems. The company says its facility in Florø, Norway, is ‘buzzing with activity’ as deliveries are being made to customers to several locations worldwide this autumn.

“On the journey towards electrification and more sustainable boating, Evoy has proven to be a perfect match for Axopar,” says Jan-Erik Viitala, Axopar’s founding partner and creative and innovation director.

“Our mission together is to inspire and catalyze a broader movement towards sustainable boating, encouraging other boat manufacturers to invest in electric boating as well, with development into full scale serial production. Axopar will work closely with Evoy with their future development to ensure straightforward, easy to install and streamlined turn-key solutions offered from Evoy.“