Norwegian start-up Evyon has raised €7M in equity and €1M in debt to advance its innovative solutions for second-life electric vehicle batteries.
Information on the Target
Evyon, a Norwegian start-up specializing in second-life electric vehicle (EV) batteries, has successfully raised €7 million in equity financing, complemented by an additional €1 million in debt. The company is dedicated to creating innovative lifecycle solutions that repurpose used EV batteries, transforming them into sustainable energy storage solutions. This initiative not only extends the lifespan of batteries but also addresses the growing need for environmentally-friendly practices in the automotive sector.
Industry Overview in Norway
The electric vehicle market in Norway has been experiencing remarkable growth, with EVs accounting for a significant portion of all new car sales. As of 2023, approximately 54% of all vehicles sold in Norway are electric, reflecting the country's commitment to sustainable transportation. This rapid adoption of EVs has led to an increasing demand for effective battery recycling and repurposing solutions.
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Moreover, the Norwegian government has implemented various policies and incentives to promote the shift towards electrification in transportation. These
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Disclosed details
Transaction Size: $9M
Equity Value: $9M