The battery and ESS specialist Corvus Energy has once again raised fresh capital from investors. A shipping company was also brought on board in the latest round.
The Norwegians are regarded as one of the market leaders in the field of battery and energy storage technology for shipping. However, Corvus is also constantly looking for fresh capital for its growth ambitions. Last year, for example, the Toyota Group invested. Now a new round of capital has been raised. Apparently with success.
A total of $60 million has been secured from a group of “international blue-chip investors”, as Corvus announced today. Morgan Stanley Investment Management led a consortium of investors, including the investment company Just Climate. An investor from the shipping industry itself was also acquired: The Scandinavian shipping company J. Lauritzen is also one of the investors.
According to its own statement, J. Lauritzen – also a shareholder in the shipping companies Cadeler and BW Epic Kosan, among others – has acquired a “minority stake” in the company. It was not disclosed what the stake is or how much money J. Lauritzen is paying for it. “The investment in Corvus Energy is in line with our overall goal of making a sustainable impact on the shipping industry through our investments. Corvus Energy has proven that it is possible to provide truly scalable zero-emission solutions for the shipping industry and we are proud to become investors and support the company’s further development,” said Kristian Morch, CEO of J. Lauritzen.
Corvus Energy was founded in 2009 and has delivered over 1,300 hybrid or all-electric ESS systems worldwide. This corresponds to an installed capacity of 1,300 MWh and more than one million operating hours in various segments such as ferries, offshore vessels, tugs, RoPax vessels and cruise ships. The latest funding is expected to enable Corvus Energy to accelerate the roll-out of its solutions, expand production capacity and continue to drive product innovation.
“The shipping industry is facing a pivotal decade for decarbonization, with an increasing demand for clean energy solutions that also offer our customers cost savings compared to fossil alternatives,” said Fredrik Witte, Chief Executive Officer of Corvus Energy. “We are pleased to welcome this group of international investors as we strengthen our ability to meet the growing global demand for zero-emission solutions. Their support, together with that of our existing shareholders, confirms Corvus’ position as a market leader in marine energy storage and provides us with the capital and strategic support we need to accelerate our growth in key regions.”
Corvus Energy operates in 15 locations worldwide with manufacturing facilities in Norway, Canada and the United States. “We have invested heavily in product development to help shipowners and operators reduce emissions and operating costs,” added Mette Rokne Hanestad, Chief Financial Officer of Corvus Energy. “This new capital gives us the opportunity to accelerate our expansion while maintaining our innovative edge so that our solutions benefit both the shipowners’ bottom line and a more sustainable planet.” The financing round is expected to close in the coming weeks.
