Vita and Evoy unite to become Europe's leader in high-power electric marine propulsion for inboard and outboard applications, just one year after their first meeting at the Yacht Club de Monaco

MONACO, July 05, 2024 (GLOBE NEWSWIRE) -- At the Monaco Energy Boat Challenge, organised by the Yacht Club de Monaco, electric marine technology experts, Vita and Evoy, announced today that they are joining forces to consolidate their leading positions in the high-output space.

The integration of two of the most mature companies in electric propulsion is anticipated to accelerate electric boat adoption in both commercial and recreational markets by leveraging scale to drive down prices for the end user, fast tracking development, and providing immediate access to territories across Europe and North America with active operations in the UK, Norway, France, Italy, Monaco and California.

The combination of Vita's experience integrating high-performance electric propulsion into a diverse portfolio of vessels from commercial RIBs to superyacht tenders with Evoy's best-in-class, plug-and-play, powertrain technology and scalable production platform will allow the new group to leverage fourteen years of combined experience. Together, Vita and Evoy are positioned to deliver market-leading products ? building on the shared belief that high-output systems with DC-charging capability present the most robust solutions for the widest range of marine applications.

The announcement reflects a new era of growth in the electric marine market, with both companies experiencing increasing demand from operators and boatbuilders alike. Evoy's high-output inboard and outboard systems are currently in operation in 19 countries, supported by an established dealership network and strong use cases in commercial segments such as aquaculture and tourism. Meanwhile Vita's line of fully electric Seal and SeaDog RIBs are being adopted by commercial marine operators in Europe, the US, the Caribbean and the Middle East. Elsewhere, Vita is engaged in a variety of electrification projects with third parties in both commercial and recreational markets, including the propulsion system for the Tridente, a high-performance electric dayboat recently launched by Maserati.

The new group will benefit from a financing round led by existing Vita shareholders and supported by Evoy investors including Axopar.

Announcing the launch at the annual Monaco Energy Boat Challenge, Vita Founder and Lead Investor, Stewart Wilkinson, said, "Our conversation started last year at the Yacht Club in Monaco, the leader in Advanced Yachting, and it's great to be announcing this deal here. 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."

Founder and CEO of Evoy, Leif Stavøstrand, said, "The future of the marine industry is electric, and today's announcement is the most important milestone so far in the voyage towards marine decarbonisation. The combined technology and teams will represent a global leader in the marine electrification, accelerating the transition to zero-emission propulsion. We are excited that two great companies are joining forces, and I am honoured to play a part in it."

Notes to Editor

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About Vita

Vita is a marine technology company that develops and integrates high performance electric powertrains for commercial and recreational marine applications. One of the highest performance powertrains on the market, Vita Power systems integrate the latest technology with proprietary control software to deliver peak power between 100hp and 600hp. Vita Power was the first electric powertrain to be compatible with high-speed DC charging and is among the fastest charging on the market, supercharging from 10%-80% in under an hour.
www.vita-power.com

About Evoy

The shift to electric boating is happening now, powered by Evoy. Evoy is the market leader in performance inboard and outboard electric boat motor systems ? delivering 120-400 continuous hp. We develop and deliver high-output, 100% electric, plug-and-play systems for boats sized 20-50 feet. With a mission to reduce boating emissions without compromising on power or ease of use, Evoy builds the technology of tomorrow, today.
www.evoy.no

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/757b303f-bb2b-48ba-b27f-adb672e6f2ca