Vita and Evoy Unveil Merger to Propel Electric Boat Adoption Forward

Image: Bernard d’Alessandri, general secretary and managing director of the Yacht Club de Monaco (centre), with Leif Stavøstrand, founder of Evoy (left) and Stewart Wilkinson, founder of Vita (right) at the Yacht Club de Monaco - Credit: Vita

Marine tech company Vita and electric motor manufacturer Evoy are embarking on a global mission to accelerate the adoption of low-carbon boats. This strategic partnership, with its sights set on Europe and North America, aims to significantly boost the market for high-power electric marine vessels worldwide.

The newly formed entity will leverage their combined operations, supported by a funding round led by existing Vita shareholders and Evoy investors, including Finnish boat maker Axopar. These operations span the UK, Norway, France, Italy, Monaco, and California. The goal is to drive down prices for both commercial and recreational users, thereby speeding up the growth of the electric boat market.

Evoy's inboard and outboard systems are operational in 19 countries, with a robust dealership network serving various commercial sectors such as aquaculture and tourism. On the other hand, Vita has integrated its fast-charging powertrains—which can reach an 80 percent charge in under an hour—into a range of vessels, from commercial rigid inflatable boats (RIBs) to superyachts. Vita's fully electric RIBs are already used by commercial marine operators in Europe, the US, the Caribbean, and the Middle East.

The combined group aims to merge their powertrain technology and production platforms to offer low-carbon alternatives to diesel-reliant vessels like dayboats. Vita is already engaged in several electrification projects with commercial and recreational partners, including a deal to supply its propulsion system for the Tridente, a high-performance electric dayboat recently launched by Maserati.

"Our conversation started last year at the Yacht Club in Monaco, and it's great to be announcing this deal here," said Vita founder and lead investor Stewart Wilkinson. "Our mission to decarbonise the marine industry aligns strongly with Monaco's commitments to ocean preservation. I am excited to bring Vita and Evoy together to continue building the leading force in marine electric powertrain technology."

Evoy's founder and CEO, Leif Stavøstrand, declared the marine industry's future to be "electric" and said the merger was the most crucial milestone in the voyage towards marine decarbonisation to date.

"The combined technology and teams will represent a global leader in the marine electrification, accelerating the transition to zero-emission propulsion," he said. "We are excited that two great companies are joining forces, and I am honoured to play a part in it."

This announcement follows a wave of innovation in low-carbon marine technology. Notably, the Electric Thames Project, launched in April, explores using electric vessels to feed stored electricity into London's energy network. Additionally, green shipping tech firm Candela secured €24.5 million in its most significant investment round to date, boosting the production of its revolutionary electric ferry. Freeport East also received multi-million-pound funding for a green hydrogen shipping pilot earlier this year.