Evyon has been awarded a 10.9 MNOK (€1.1M) grant from Innovation Norway to develop the world's first second-life battery digital twin digital solution to accelerate the circular battery value chain. This represents one of the largest grants of its kind from Innovation Norway for a start-up and is a testament to the vision and strength of the Evyon team. The funds enable Evyon to accelerate its efforts to leverage state-of-the-art data analytics and testing methodologies to maximize the value of far more batteries. Through its Battery Cloud digital twin and AI platform Evyon will cut millions of tonnes of CO2e emissions and reduce society’s need for scarce resources.
Innovation Norway is the Norwegian Government's most important instrument for innovation and development of Norwegian enterprises and industry. Their significant support to, among the largest grants under the environmental technology scheme, represents a great achievement to Evyon, as it recognizes the company’s ongoing efforts in developing innovative solutions and putting sustainability at the core of the business.
Kristin Willoch Haugen, Innovation Norway’s Regional Director (Oslo Viken), comments: “We are excited to be awarding Evyon this grant for its outstanding efforts in leveraging cutting edge technology to scale battery repurposing and turn a waste stream into a value stream. Their circular approach within the battery value chain will benefit both people and the planet. We hope to see Evyon succeed in taking a leading position in the market”.
Leif Andreassen, Evyon’s CFO discusses the importance of Innovation Norway choosing Evyon to receive the funding: “Innovation Norway is a leader in funding innovations that will speed the transition to a more sustainable economy. Receiving this vote of confidence from them sends a strong signal that we have the mission, innovation and capabilities needed to commercialize exciting new products while delivering much-needed environmental benefits to society at large, and I believe this will provide many new opportunities in the near future.”
In addition, Andreassen explains how Evyon intends to make use of the funding: “The funding we have received from Innovation Norway will be used to further advance our Battery Cloud product by maturing our second-life battery Digital Twin platform and AI prediction algorithms to a point where we can rapidly, accurately, and holistically diagnose second-life battery state of health, and optimize battery use across the entire value chain.”
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About Innovation Norway:
Innovation Norway was founded in 2004 and since then has provided support and resources for emerging companies registered in Norway. The organization promotes the development of rural areas, interaction among R&D institutions, businesses and communities, and seeks to enhance innovation and sustainability across the country.
About Evyon AS:
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. For more information visit www.evyon.com.
Interested in our battery solutions? Want to join the team? We look forward to hearing from you!
Contact: Orsi ParkanyiHead of Marketing & Communications
orsi@evyon.com | +47 458 95 355 | www.evyon.com
