Evyon
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Evyon was a Norwegian energy-storage startup based in Oslo that built battery energy storage systems from repurposed electric-vehicle battery modules. Founded in 2021 by Jørgen Erdal and co-founders, it raised US$9 million in 2022 to scale to mass production of a commercial and industrial (C&I) storage product, delivered its first 242 kWh system in 2023, and by mid-2025 had repurposed about 1,000 EV battery modules (over 10 MWh). Its pitch was that second-life batteries cut the carbon footprint of energy storage by up to 85% compared with new cells, which require resource-intensive lithium mining.
02 / Evyon FAILURE REASONS
Failure factors
Evyon AS’s board petitioned for bankruptcy after failing to raise capital needed to continue. Management cited a dramatic global price drop in new batteries as the main reason the second-life EV-battery business model became unattractive to investors; a planned merger with charging firm Elywhere fell through after Elywhere itself went bankrupt, and no buyer deal was reached despite interest.
Board stated the company failed to secure the capital required for continued operations.
Company pointed to a dramatic global drop in new-battery prices making its second-life model hard to underwrite for investors.
A planned merger with Elywhere collapsed after Elywhere’s bankruptcy; subsequent buyer talks did not close.
03 / EVENT HISTORY
Events in the structured record
- Bankruptcy
the Evyon AS board decided 27 Nov 2025 to file for bankruptcy (oppbud) after failed capital raise; Brønnøysundregistrene shows EVYON AS (925 956 163) status Konkurs on 3 Dec 2025 with estate EVYON AS KONKURSBO (936 699 065), affecting 11 employees.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
In May 2025 Evyon merged with fellow Norwegian startup Elywhere to combine second-life EV-battery storage with fast-charging for electric vehicles; the combined entity kept the Elywhere brand and Evyon co-founder Jørgen Erdal became its CEO.
- 02
In December 2025 EVYON AS entered a bankruptcy estate (konkursbo), registered in the Norwegian business registry with battery and accumulator manufacturing listed as its industry, closing the company's story.