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We have secured €6.4 million in Funding Round lead by Axopar to accel Global Expansion in Performance Electric Boating.
As a leading provider of high-performance electric motor systems for boats, we have successfully concluded a strategic bridge round, raising €6.4 million. This significant investment will accelerate Evoy as a company towards our goal of becoming the go-to brand worldwide for high-performance electric boating, not only in Europe but also towards North America.
Axopar – the largest boatbuilder in the Nordics – joins Evoy, bringing substantial capital to a 10 % ownership, an extensive dealership network, expert boating knowledge, and significant orders, firstly over €1m euros to be delivered in 2023.
The funding round also saw strong participation from current shareholders, including notable investors such as Katapult Ocean, Klaveness Marine, and Grieg Edge, who strengthened their commitment and position with their investments. The EIC Fund, serving as a cornerstone investor, also continued its significant support with an €1m Euro equity investment.
Furthermore, the round gained support from renowned entrepreneurs including Jakob Hatteland (Autostore), Johan Brand (Kahoot) and Martin Anderlind (Northvolt).
"It is truly inspiring to see the strong support and passion from old and new investors. 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. Additionally, we are honoured by Katapult's large third-time investment, as it reflects their continued confidence in our mission and potential. This funding round opens a new chapter in our journey to make boating irresistible, eliminating emissions, and building a strong global brand."
Photo: Leif A. Stavøstrand, Evoy
Photo: Jan-Erik Viitala, ©Axopar
"On the journey towards electrification and more sustainable boating, Evoy has proven to be a perfect match for Axopar. 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. Axopar will work closely with Evoy with their future development to ensure straightforward, easy to install and streamlined turn key solutions offered from Evoy.“
Our relentless focus on high-output, long-range electric motor systems has already gained traction among customers, resulting in a surge in demand across Europe and beyond. Our facilities in Florø, Norway, is buzzing with activity as deliveries are being made to customers to several locations worldwide this fall.
Ross Brooks- Investment Director, Katapult Ocean adds ”We are very excited to continue to support Evoy on their next phase of growth. With strong support from the existing shareholder base this strategic share emission brings on board a leading boat builder and brand, expanding Evoy’s reach far beyond the Nordics and across the Atlantic. Evoy’s journey so far has been a case study in disruptive innovation and demonstrates the power of a mission driven founder in creating change. We are just getting started!”
The funding round positions Evoy at the forefront of the rapidly growing electric boating market, expected to reach significant proportions by 2030. Moreover, with an increasing number of lakes banning the use of fossil fuels, our sustainable electric boating solutions are poised to meet the evolving needs of environmentally conscious boaters.
Since 2014, Axopar, the adventure company, has grown to become one of Europe’s top ten powerboat producers and is comfortably regarded as the biggest boat producer in the Nordic countries, with 40 % of their sales in the USA, a unique position compared to all other European boat brands.
As a privately owned company, Axopar is amongst the most financially stable companies in the leisure boating market. Year by year, Axopar develops sales in existing markets with more than 5 500 boats built so far, through a network of approximately plus 100 dealers in more than 50 countries.
As a forerunner committed to continuous innovation, the company listens to its global community of Axoparians and shares the same respect and passion for nature. Axopar’s mission is to open new perspectives by bringing people out on the water and creating boats that make waves in the boating industry.
Established in 2018 in Norway, Evoy is a pioneering company specializing in high-performance electric boating solutions for both leisure and commercial boats in the 25ft to 50 ft range. With cutting-edge 100% outboard and inboard electric motor systems ranging from 120 to 400 continuous hp, Evoy aims to revolutionize the boating industry by providing emission-free and high-performance alternatives to traditional combustion engines.
Data-driven ecosystem sets a new benchmark for the industry, ensuring unparalleled efficiency, reliability, and customer satisfaction. Evoy has so far sold systems to end customers and boatbuilders in 16 countries and employs 40 people. Evoy’s mission is to reduce boating emissions without compromising on power and ease of use – creating an irresistible boating experience.
Established in 2018, Katapult Ocean is an ocean impact venture fund manager headquartered in Oslo, Norway. Since inception Katapult Ocean has invested in over 50 ocean impact tech companies spanning blue foods, ocean energy and circular resource domains. Katapult Ocean drives toward a world where a thriving ocean exists in harmony with economic development.
In 2022, Katapult was recognized as an Uplink Top Innovative fund by the World Economic Forum and Katapult Ocean’s Accelerator Program was awarded ‘Best Nordic Program’. Katapult Ocean’s Accelerator Program is a Global Finalist for World’s Best Accelerator Program. Katapult Ocean is actively deploying capital from its recently first-closed Deep Blue fund.
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