Press release -
Norwegian second-life EV battery start-up Evyon raises €7M in equity and €1M in debt
Evyon has closed a Pre-Series A fundraising round of €8M in capital, divided into €7M in equity from new and existing investors, and ~€1M in debt. The round was significantly oversubscribed despite a challenging capital market and will be used to bring Evyon’s commercial & industrial (C&I) battery energy storage product from prototype to mass production during 2023.
Evyon closed its fourth investment round on November 1st, led by the impact focused venture capital firm Sandwater, and joined by Antler, Wiski Capital and Skagerak Energi.
The round closed the day before the company’s 2-year anniversary, and is a strong testament to the traction the young company has achieved in a short period of time. In less than two years, the company has grown to 24 employees, secured 40 MWh of battery modules and now raised >€10M in funding. The round was closed less than a year after Evyon’s €2M Seed round driven by an accelerated product development process based on customer demand, significant investor interest, the agreements with Mercedes-Benz Energy and €1.1M soft-funding grant from Innovation Norway.
Avoiding 4 million tonnes of CO2e yearly
It is estimated that the equivalent of more than 66 million EVs worth of reusable batteries will be discarded yearly from 2030 onwards. These are highly valuable assets that can live on for more than a decade in a second-life application, if operated correctly. Evyon is developing an integrated software-hardware platform in order to become world-leading in characterizing what batteries to reuse, and maximize their value and safety while in their second lifetime. Evyon estimates to avoid 4 million tonnes of CO2e each year from the production of new battery systems.
Torkel Engeness, Partner at Sandwater, is excited to announce Sandwater's latest investment into Evyon:“Evyon has impressed us from our very first meeting, especially the fact that they have been able to build a world-class team that has managed to move at lightning speed in a dynamic market. At Sandwater we want to accelerate ambitious impact companies, and we firmly believe that Evyon is exactly that.”
Antler was the first investor in Evyon, and now further strengthens their ownership based on impressive traction in a quickly growing market.
Teddy Himler, Global Investment Partner at Antler, says: "Over the next decade there will be exponential growth in the volume of battery packs retiring from EVs, expected to reach 6 million annually by 2030. Simultaneously, the global energy storage market is expected to grow 27% annually towards 2030. Evyon has developed a novel, proprietary technology platform to provide EV batteries with a second life and deliver reliable battery systems for its customers. We believe Evyon has an exceptional team, a compelling approach and a first mover advantage to become a global leader in this large, dynamic and impactful market"
Wiski Capital, who led Evyon’s Seed round in January earlier this year, increased their ownership in this round to become the second biggest external investor.
Skagerak Energi and Evyon joins forces to scale C&I offerings
Skagerak Energi is one of Norway’s leading energy companies with €300M in yearly revenues, and has battery energy storage systems as one of their key growth pillars. Their ambition is to become a leading player in mobile energy solutions, and is now investing in Evyon due to the potential in the company’s battery energy storage systems. In addition to the investment, Evyon and Skagerak Energi have also signed a Memorandum of Understanding (MoU) for a collaboration on developing and piloting Evyon’s commercial & industrial energy storage systems.
Øystein Sæther, EVP Innovation & Business Development at Skagerak Energi, looks forward to collaborating with Evyon to build a fully renewable future for everyone:
“We have bold ambitions for Skagerak Energi’s position in renewable energy solutions and want to work with leading companies and startups in achieving this. We believe Evyon is very well positioned in a quickly growing market and look forward to working together to scale up common commercial & industrial offerings.”
Jørgen Erdal - Evyon’s Co-founder and CEO - is very satisfied to close an oversubscribed round with strong investors, in a challenging capital market.
“I’m extremely proud to be able to announce such a strong group of investors to join Evyon on the mission to maximize the value of every battery. This means that we have all the puzzle pieces to launch our energy storage systems in the European market in 2023, where I especially want to highlight our world-class team of engineers, business developers and managers. The closing of this round further strengthens our position to achieve our ambition to become European leaders in repurposed batteries by the end of 2025.
- fornybar energi
Evyon exists to enable maximum value generation from second-life batteries by repurposing them in a safe, data-driven and cost-effective way. Evyon’s proprietary hardware and Battery Cloud ecosystem enable the conversion of spent EV batteries into high-quality, affordable, and plug-and-play battery energy storage systems. The company’s ambition is to become European-leading in reused batteries by 2025, and world-leading by 2030.