Norway’s Corvus Energy raises growth funding from a group of international investors to support ongoing operations and projects in the maritime sector.
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Bergen-based Corvus Energy, a Norwegian supplier of energy-storage systems (ESS) for the maritime industry, has received a $60M (nearly €51.78M) growth capital investment.
The funding comes from a group of blue-chip international investors. Morgan Stanley Investment Management led the consortium, which also includes Just Climate and J. Lauritzen.
The funding round is expected to close in the coming weeks.
Zero-emission marine solutions
Founded in 2009, Corvus Energy has developed maritime energy storage systems (ESS) and currently supplies more than 50 per cent of the world’s zero-emission vessels.
The company has completed over 1,300 hybrid or all-electric ESS installations worldwide. These installations account for 1,300 MWh of installed capacity and over one million operating hours across vessel types, preventing an estimated 11 million tonnes of CO2 emissions.
Corvus Energy provides energy storage and fuel cell systems for maritime, offshore, and port operations. The company offers a range of systems, including modular lithium-ion battery systems and Hydrogen PEM fuel cell systems, compatible with most vessel types.
Fredrik Witte, CEO of Corvus Energy, says, “The maritime industry is entering a decisive decade for decarbonisation, with accelerating demand for clean energy shipping solutions which also deliver cost savings for our customers compared to fossil-based alternatives.”
“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.”
Capital utilisation
Corvus Energy will use the funds to increase deployment of its systems, expand production capacity, further develop its product, and support the reduction of emissions in the shipping industry, which currently accounts for an estimated 3 per cent of global greenhouse gas emissions.
The company operates in 15 locations worldwide, with manufacturing sites in Norway, Canada, and the United States. It provides a range of maritime energy storage systems, covering multiple chemistries and performance profiles.
Corvus Energy’s recent projects include supplying the energy storage system for the world’s largest fully-electric vessel and fast ferry. The vessel, built by Incat for South American operator Buquebus, includes 42 MWh of Dolphin Energy ESS and is scheduled for commissioning by year-end.
The company is also providing the energy storage system for the world’s first fully-electric offshore vessel, an electric Commissioning Service Operation Vessel (eCSOV) named Blue Whale. The system includes nearly 25 MWh of LFP-based energy storage, the largest LFP battery system supplied to a maritime project.
Mette Rokne Hanestad, CFO of Corvus Energy, says, “We have invested heavily in product development to help shipowners and operators cut emissions and operating costs. 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.”
Brief about the investors
Morgan Stanley Investment Management, along with its investment advisory affiliates, has more than 1,400 investment professionals worldwide and $1.7T in AuM. The firm provides investment management solutions to a range of clients, including governments, institutions, corporations, and individuals around the world.
Just Climate, established by Generation Investment Management, is an investment business focused on scaling solutions for the highest-emitting sectors of the economy. The firm aims to address climate-related risks and support the transition to net-zero, promoting climate-led investing as a capital allocation strategy for institutional investors worldwide.
Founded in 1884, J. Lauritzen is a Danish maritime investment company. The group has been part of the maritime industry for over 135 years and supports the development of technologies in the sector. J. Lauritzen acts as an owner of the Lauritzen Foundations portfolio, which includes maritime and maritime-related investments.
