Evoy has been awarded €16 million as part of a funding initiative from the EU’s innovation fund.
The funding will support the establishment of its new headquarters and production facility in Florø, Norway which will mark a significant milestone in the company’s commitment to advancing electric marine technology.
Evoy is one of eight Norwegian companies to receive the support which will enable it to enhance its production capabilities and innovation potential.
The company says the investment not only underscores confidence in its technology and business model but also positions it to better serve customers in the growing electric marine sector.
“We are deeply honoured and grateful to receive this grant in support of our mission to accelerate the transition to sustainable, emission free boating,” explained Leif Stavøstrand, Evoy CEO.
We are deeply honoured and grateful to receive this grant.
Leif Stavøstrand
“This recognition reinforces our commitment to reducing maritime pollution through innovative electric motor systems and brings us one step closer to decarbonising the industry.
“We extend our heartfelt thanks to all our partners and stakeholders who have supported us on this journey.”
Beate Therese Solheim-Grønnevik, CFO of Evoy, added: “We would like to acknowledge the valuable support from Kinn Municipality.
“Their guidance and input on site potential, along with the developed plans, have significantly strengthened our application.”
And he explained that three possible locations have been considered for the facility which will secure existing jobs and also create new opportunities in the area.
The new facility will focus on the production of Evoy’s electric motor systems which have outputs from 120 to 400hp and are designed for both commercial and recreational applications.
The funding will support the construction of the new factory together with providing additional support for each system sold.
Evoy is part of Evoy Vita, a collaboration that combines Evoy’s electric motor systems with Vita’s electric RIBs.
