Evoy Electric Boat Motors Charge up With $7.7 Million Funding Found
Evoy electric boat motors of Norway is the latest electric marine propulsion company to announce a successful funding round. Evoy raised $7.66 Million (€7.3 million) that is slated for development, research and expanding markets for its high performance electric inboard and outboard systems.
In addition to multiple follow-up investments from current shareholders, the funding attracted an array of high-profile influential investors with interest in the clean future of mobility
Humble Beginnings
Evoy was founded in 2018 Florø, Norway, by CEO Leif Stavøstrand. Growing up by the ocean in Norway, he earned a Bachelor of Science degree in Naval Architecture and a Masters of Business Administration. He saw the opportunities for electric propulsion in the aquaculture industry. One of the company’s early investors and a board member is Alf-Helge Aarskog, former CEO of Mowi, the world’s biggest Atlantic salmon farmer.
After building a team and developing the prototype motors and battery systems, Evoy signed a contract with work boat manufacturer Helgeland Plast to install the first system in a 28’ (8.6 meter) Polarcircle 860. Evoy 1 was christened by Norwegian Prime Minister Erna Solsberg in August of 2019.
That November the boat hit a speed record of 55 knots and to top off the year Evoy was awarded the SPIR 2019 Award as Norway’s top green technology start-up. The company was also busy raising capital from private sources including Innovation Norway, the European Innovation Council (EIC). The company was accepted into the Katapult Ocean accelerator program for “startups that will have positive impact on oceans.”
Growth Plan
In addition to a grant of $2.43 million (€2.3 m) in the early years, the EIC Fund continues its support as a cornerstone investor with a $3.17 million (€3 m) investment in this funding round.
Talking about this most recent financing round, Stavøstrand said: “It is truly inspiring to see the strong support and enthusiasm from old and new investors. This is an incredibly important milestone for Evoy electric-boat motors in our path to make boating irresistible, eliminating emissions and building a great global brand.”
Evoy’s focus is on high-output longer range electric inboard and outboard motor systems. It has a Breeze 90 kiloWatt (120-hp) electric outboard available now, with 150, 225 and 300 kW motors set to launch in 2023 and 2024.
The inboard line, with the same power outputs, are designed for 1,000 plus hours per year. The systems can be connected to a Z-drive, water jet, or shaft and is designed for boats 25’ (7.62 m) to 35’ (10.67 m) with a single motor propulsion and 30’ (9.14 m) to 50’ (15.24 m) for twin systems. The 90kW and 300kW motors available now.
“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 Kierstin Hernes, head of ocean ventures in Grieg Edge.
The capital raised will let Evoy continue to focus on developing new generations and levels of its electric motor systems, accelerate the marketing and sales, and optimize sourcing, manufacturing, and supply chain to cut cost and increase capacity to meet demand.
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 capitalize on the forthcoming electrification of maritime transport”