Corvus Energy, supplier of energy-storage systems (ESS) for the cruise and ferry, plus other ship types and infrastructure, has secured a $60 mill capital injection from a group of international investors.
Morgan Stanley Investment Management led an investor consortium that included Just Climate and J Lauritzen.
Founded in 2009, Corvus Energy today supplies more than half of the world’s zero-emission vessels. The company has delivered over 1,300 hybrid or all-electric ESS installations worldwide., representing 1,300 MWh of installed capacity and more than 1 mill operating hours across all shipping segments, averting an estimated 11 mill tonnes of CO2 thus far.
“The maritime industry is entering a decisive decade for de-carbonisation, with accelerating demand for clean energy shipping solutions, which also deliver cost savings for our customers compared to fossil-based alternatives,” said Fredrik Witte, Corvus Energy CEO (pictured). “We are excited to welcome this group of international investors as we strengthen our ability to meet surging global demand for zero-emission solutions.
“Their support, alongside our existing shareholders, affirms Corvus’s position as the market leader in maritime energy storage and provides the capital and strategic support we need to accelerate growth in key regions,” he said.
The funding will enable Corvus Energy to accelerate deployment of its solutions, expand production capacity, continue leading product innovation, and contribute to the de-carbonisation of the global shipping industry that is currently responsible for an estimated 3% of global greenhouse gas emissions, the company claimed.Corvus Energy operates in 15 locations with manufacturing sites in Norway, Canada, and the US, and offers a portfolio of maritime ESS products, spanning multiple chemistries and performance profiles.
Recent projects include the world’s largest fully-electric vessel and fast ferry, with 42 MWh of Dolphin Energy ESS, built by Incat for Argentinian operator Buquebus, which is set to be commissioned by the end of this year.
“We have invested heavily in product development to help shipowners and operators cut emissions and operating costs,” added CFO Mette Rokne Hanestad. “This new capital gives us the firepower to accelerate expansion while maintaining our innovation lead, making our solutions both good for shipowners’ bottom line but also for a more sustainable planet.”
The funding round is expected to close in the coming weeks. More details will be announced upon the transaction’s completion. Alexa Capital and the law firm Schjødt advised Corvus Energy on the financing.
