Evoy nabs €4.2 million in EU support

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Evoy – which makes 100 per-cent electric propulsion systems for boats- has been awarded EUR 4.2 million in support from the EU’s EIC Accelerator programme.

Evoy develops and delivers turnkey plug-and-play all-electric systems to new and existing boats. Since last summer, Evoy1 – a Polarcirkel 860 – has been used for extensive testing and optimisation of the first generation of the system that Evoy will begin delivering to customers this autumn.

Evoy1 set an unofficial world record for series-produced electric boats with 55 knots in the autumn of 2019. Evoy’s vision is to eliminate carbon emissions from boats. Systems up to 800 hp have been designed and tested to work in the toughest conditions in the world off the Norwegian coast, it wrote. This year, Evoy is focusing on the pro-market between 20 to 50 feet with inboard propulsion that can be connected to the drive, water jet or shaft. In addition, the first 150 hp outboard engine will come to market in the second quarter of 2021.

The EIC Accelerator is part of the European Innovation Council (EIC) program. It will support start-up companies with funds to help them to market with innovative products that promote value creation and weight in the EU. This spring, the EU launched the Green Deal programme. Out of over 2000 applications, a small number have now received support and Evoy is one of them.

Evoy’s biggest challenge is capital in the demanding development and growth phase. In addition to growth aid and internationalisation, funds from the EU will develop the next generation of electric operation for boats, including management system, battery, supercharging on AC, 24/7 Big Data and OTA (Over-The-Air) to be further optimized.

“We are very proud and humbled to have been selected among the green start-up companies in Europe,” said Stavøstrand.

“This is a milestone of dimensions for us and with this Evoy has passed NOK 75 million (EUR 7.1 million ed.) from investors and in support,” he added.