New investors at Evoy
The manufacturer of electric motors for boats Evoy unveils the result of its latest fundraising. The Norwegian company welcomes new investors bringing in a total of ?7.3 million. The main financiers include marine industry investor Klaveness Marine, Grieg Edge, and Link VC, accompanied by Scandinavian investors Jakob Hatteland (Autostore), Petter Muren (Prox Dynamics), Johan Brand (Kahoot) and Martin Anderlind (Northvolt). The EIC investment fund is providing a further ?3 million in investment and a ?2.3 million loan.
A second round of financing to increase the budget is planned for June 2022.
Develop new generations of electric motors
The funds raised by Evoy will allow it to continue its development. The focus will be on the design and launch of new models of outboard and inboard motors. The range of electric outboard motors, of which the first 120 horsepower model is already available, aims to reach 400 horsepower, while the inboard models should reach 800 horsepower.
The company will also allocate these new resources to its sales and marketing efforts, to pursue its development in Europe and the rest of the world. Work will also be carried out on the organization of procurement, production and the supply chain for its production plant in Floro, Norway.
Evoy's announcement comes at a time when marine electric motors are receiving significant funding from start-ups in America and Europe, such as Vision Marine, and major engine manufacturers such as Volvo Penta and Mercury are getting involved.
