Norwegian electric propulsion manufacturer Evoy has concluded a bridge round of funding, raising nearly $7 million (€6.4 million). Axopar, the largest builder in the Scandinavian region, brought capital to secure a 10% ownership stake in the company, an extensive dealer network, and around $1.1 million (€1 million) in 2023 orders.
“It is truly inspiring to see the strong support and passion from old and new investors,” Leif A. Stavøstrand, co-founder and CEO of Evoy, said in a statement. “We are thrilled to welcome Axopar as a strategic investor, bringing not only significant investments, but also a great network and validation of Evoy. Their partnership marks an important milestone for Evoy, opening doors into the North American market.”
The funding also came from current shareholders that include Katapult Ocean, Klaveness Marine and Grieg Edge.
“On the journey towards electrification and more sustainable boating, Evoy has proven to be a perfect match for Axopar,” said Jan-Erik Viitala, Axopar founding partner and creative and innovation director. “Our mission together is to inspire and catalyze a broader movement towards sustainable boating, encouraging other boat manufacturers to invest in electric boating as well with development into full scale serial production.”
