Maritime energy storage systems (ESS) supplier Corvus Energy has secured a US$ 60m growth capital injection from a group of blue-chip international investors, led by Morgan Stanley Investment Management and including Just Climate and J Lauritzen.
Founded in 2009, Corvus Energy has supplied more than half of current zero-emission vessels. The company has delivered over 1,300 hybrid or all-electric ESS installations worldwide. This represents 1,300 MWh of installed capacity and more than 1m operating hours across different segments such as ferries, offshore vessels, tugs, ro-pax and cruise ships – averting an estimated 11m tonnes CO2e to date.
Fredrik Witte, CEO Corvus Energy, said: “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.”
The funding will enable Corvus Energy to accelerate deployment of its solutions, expand production capacity, continue leading product innovation, and contribute to the decarbonisation of a global shipping industry that is currently responsible for an estimated 3% of global GHG emissions.
Corvus Energy operates globally across 15 locations with manufacturing sites in Norway, Canada, and the US, and claims to offer the sector’s broadest portfolio of maritime ESS products, spanning multiple chemistries and performance profiles.
Recent projects for Corvus include:
- The world’s largest fully-electric vessel and fast ferry, with 42 MWh of Dolphin Energy ESS, built by Incat for South-American operator Buquebus is set to be commissioned by the end of 2025.
- Powering the world’s first fully-electric offshore vessel, an electric Commissioning Service Operation Vessel (eCSOV), with nearly 25 MWh of LFP-based energy storage, Blue Whale, the largest LFP battery system yet supplied to a maritime project.
Corvus Energy CFO Mette Rokne Hanestad said: “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.”
The funding round is expected to close in the coming weeks. Additional details will be announced upon completion. Alexa Capital and the law firm Schjødt advised Corvus Energy on the transaction.
Image: Dolphin Energy module being completed, ready to cut emissions on a vessel (source: Lea Films/Corvus Energy)
