European electric motor developer raises €7.3 million

Evoy, the Norwegian developer of electric motor systems (outboard and inboard), has raised €7.3 million in its latest round of funding.

Alongside multiple follow-up investments from current shareholders, Evoy welcomes Klaveness Marine, Grieg Edge and Link VC as co-lead investors, anchored by several prominent entrepreneurs including Jakob Hatteland (Autostore), Petter Muren (Prox Dynamics), Johan Brand (Kahoot) and Martin Anderlind (Northvolt).

In addition to their €2.3m grant, the EIC Fund continues its significant support as a cornerstone investor with a €3m equity investment in this €7.3m funding round. The second closing will be in June for the remaining investors, adding even more capital.

Leif A. Stavøstrand, co-founder and CEO of Evoy, comments: “It is truly inspiring to see the strong support and enthusiasm from old and new investors. This is an incredibly important milestone in our path to make boating irresistible, eliminating emissions and building a great global brand. With the strongest electric motors for boats in the market, mixed with an unprecedented data-driven ecosystem connected 24/7, Evoy will now set a new standard in the boating industry.

“The maritime sector will have implemented a varied mix of energy sources and propulsion systems in the future. We are confident that Evoy and its technology will be among the preferred solutions. That makes Evoy a perfect fit in our venture portfolio,” says head of Ocean Ventures in Grieg Edge, Kjerstin Hernes.

The capital raised will enable Evoy to continue to focus on developing new generations and levels of its electric motor systems, lift and accelerate the marketing and sales, and optimise operations such as sourcing, manufacturing, and supply chain to cut cost and increase capacity to meet the high demand from all over the world.

Henrik Lund, head of new energy in Klaveness Marine, comments: “We are strong believers in electrification. Evoy is accelerating the transition to electric boats and truly has a unique opportunity to capitalise on the forthcoming electrification of maritime transport”  

Evoy’s systems are built for craft between 20ft and 50ft. Founded in 2018 and based in Florø, Norway, the company’s demo boat is claimed to be the fastest electric boat in the world, with a top speed of over 60 knots.