Electric propulsion manufacturer Evoy announced that it will receive €16 million ($17.3 million) from the European Union’s Innovation Fund. The financing will help establish a new production facility and headquarters and in Florø, Norway.
Evoy was one of eight companies to receive funding.
“This recognition reinforces our commitment to reducing maritime pollution through innovative electric motor systems and brings us one step closer to decarbonizing the industry,” CEO Leif Stavøstrand said in a statement. “We extend our heartfelt thanks to all our partners and stakeholders who have supported us on this journey.”
Evoy and electric propulsion manufacturer Vita in July announced a strategic partnership to consolidate their positions in the segment. Vita specializes in the production of electric RIBs for commercial use.
In addition to funding the new facility, the backing will also provide additional support for each system sold.
