Norwegian Second Life Battery Storage Startup Evyon Raises €8 Million

Oslo-based second life battery storage solutions firm Evyon has raised €8 million (US$8.3 million) in a pre-Series A fundraising round, led by VC firm Sandwater.
The round includes €7 million in equity and €1 million in debt and will be used to bring the firm’s commercial and industrial (C&I) battery storage product from prototype to mass production over 2023.
Other participants in the pre-Series A, which brings Evyon’s total raised to-date to just over €10 million since being founded two years ago, were investment firms Antler, Wiski Capital and utility Skagerak Energi.
Torkel Engeness, Partner at Sandwater commented: “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.”
Skagerak Energi said it aims to become a leading player in mobile energy solutions and the two have also signed a Memorandum of Understanding (MoU) to collaborate on developing and piloting Evyon’s C&I energy storage systems.
The company mainly sources its batteries from Mercedes-Benz Energy, an arm of the large automotive OEM, which recently wrote is one of the leading ones in providing its batteries to third parties for repurposing into second life stationary energy storage systems.
“We have signed a 26MWh purchase agreement with MBE in addition to longer term MoUs with MBE and Batteriretur here in Norway, and we are in discussions with other parties for the supply of batteries,” Evyon’s Chief Commercial Officer Ralph Groen told
The company is aiming to sell over 120MWh of its second life energy storage systems in 2025. Its energy storage product is a scalable integrated software and hardware platform that can take in a range of modules but uses one module type in a homogenous configuration.