We received 4.4 million euro in funding!

After a lot of work, practice, and several rounds of preparation we were selected among the green start-up companies in Europe and awarded 4.4 million euros in EU funding.

Image of Leif A. Stavøstrand driving Evoy1 electric boat

Getting through this very narrow eye of the needle is a solid confirmation that we are on the right course. Innovation Norway has been an important supporter to succeed with the application and the interview in Brussels together with Nordic Innovators. Locally, Aksello has been an important contributor.

The EU´s support scheme, The EIC Accelerator(link), is part of the European Innovation Council (EIC) program. The EIC Accelerator supports “top-class” start-up companies with funds to help them enter the market with innovative products that promote value and growth in the EU. During spring, the EU announced the Green Deal programme with 300 million Euro, focusing on start-up companies that will contribute to a sustainable change that supports the EU’s goals of the green shift. Out of more than 2,000 applications, 64 have now received support and Evoy is one of them.


How will Evoy take in use the funding? 

Evoy’s sea voyage has just begun and there are many positive, but also great challenges in the time ahead.  

No matter how great the product or idea is, the biggest challenge for all startups is raising capital in the demanding development and growth phaseIn addition to growth aid and internationalization, the funds from the EU will develop the next generation of electric operation for boats. Among other things the control system, battery, supercharging on AC, 24/7 Big Data and OTA (Over-The-Air) will be further optimized.  

Due to these positive challenges, our team will expand significantly going forward. From September, we have 10 full positions divided amongst 15 employees and more announcements are coming. 

This is a milestone of dimensions for us and with this, Evoy has passed 7 million Euro from investors and in funding. We will use the momentum we have and build on the good foundation with the competence and technology that we already have, to get our products out into the world. We will work hard to achieve our goal with a disrupting maritime product for the global market.

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