Evoy secures €16 million funding for new headquarters and production facility
by Evoy 23 Oct 2024 05:39 PDT
Evoy Headquarters © Evoy Media
Evoy is thrilled to announce that it has been awarded €16 million as part of a substantial funding initiative from the EU's innovation fund.
This funding will support the establishment of its new headquarters and production facility in Florø, Norway, marking a significant milestone in its commitment to advancing electric marine technology.
As one of eight Norwegian companies to receive support, Evoy is poised to enhance its production capabilities and innovation potential. This investment not only underscores confidence in its technology and business model but also positions the company to better serve customers in the growing electric marine sector.
"We are deeply honored and grateful to receive this grant in support of our mission to accelerate the transition to sustainable, emission-free boating," said Leif Stavøstrand, CEO of Evoy. "This recognition reinforces our commitment to reducing maritime pollution through innovative electric motor systems and brings us one step closer to decarbonizing 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. We would also like to thank Nordic Innovators, who assisted with the applications, and iVest, who helped us look into different design opportunities for each of the locations* that have been considered in the process."
This funding will not only secure existing jobs but also create new opportunities in Florø, thereby strengthening the local community and economy.
The new facility will focus on the production of Evoy's advanced electric motor systems, which are designed for both commercial and recreational applications. With outputs ranging from 120 to 400 horsepower, these systems deliver exceptional performance while minimizing environmental impact. The funding will not only support the construction of the factory but also provide additional support for each system sold, as every sale contributes to lower global CO2 emissions.