Corvus Energy, a leading provider of energy-storage systems (ESS) for the maritime sector, has announced a substantial $60 million capital investment from an international consortium of blue-chip investors, led by Morgan Stanley Investment Management and including Just Climate and J. Lauritzen. Established in 2009, Corvus has established itself as a pioneer in maritime ESS, contributing to over half of the world's zero-emission vessels and completing more than 1,300 installations globally.
1,300 MWh Installed Capacity
The company's installations represent a total capacity of 1,300 MWh, with systems in operation for over a million hours across a variety of vessels including ferries, offshore ships, tugs, RoPaxes, and cruise liners. This effort has prevented approximately 11 million tonnes of CO2 emissions. Fredrik Witte, CEO of Corvus Energy, highlighted the significance of the maritime industry's upcoming transition towards decarbonisation, driven by the increasing demand for clean energy solutions that also deliver cost efficiencies when compared to fossil fuels.
Investor Support and Market Leadership
Witte expressed enthusiasm about the new investors, stating that their support, combined with that of existing shareholders, underlines Corvus's status as a market leader in maritime energy storage. This financial boost is poised to enhance the company's growth in crucial markets, aligning with the industry's need for zero-emission solutions. Corvus plans to use the funding to expedite the rollout of its offerings, scale up production, foster product innovation, and contribute to reducing the global shipping industry's greenhouse gas emissions, which currently account for around 3% of the global total.
Global Operations and Technological Advancements
Operating out of 15 locations worldwide with manufacturing hubs in Norway, Canada, and the US, Corvus boasts a comprehensive range of maritime ESS products made for different energy needs and applications. Recent technological advancements include equipping the world's largest fully-electric vessel and fast ferry, constructed by Incat for Buquebus, with a 42 MWh Dolphin Energy ESS, projected to be operational by year-end. Additionally, Corvus has delivered the world’s first fully-electric offshore vessel, the Blue Whale, equipped with nearly 25 MWh of LFP-based energy storage, the most extensive LFP battery system for a maritime use to date.
Driving Product Development and Sustainability
Chief Financial Officer Mette Rokne Hanestad noted Corvus's significant investment in product development aimed at helping shipowners cut emissions and running costs, with the new capital enhancing Corvus’s ability to sustain its innovation edge. The funds will aid in the company's expansion plans while ensuring their solutions contribute positively to both customers' financial outcomes and environmental sustainability. The funding round is scheduled to conclude in the upcoming weeks, with further details to be disclosed upon completion. Alexa Capital and law firm Schjødt provided advisory services to Corvus for this transaction.
Corvus Energy, the world’s major supplier of energy-storage systems (ESS) for the maritime industry, announced it has secured a $60 million growth capital injection from a group of blue-chip international investors.
Morgan Stanley Investment Management led an investor consortium that includes Just Climate and J. Lauritzen.
Founded in 2009, Corvus Energy has pioneered maritime ESS and 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.
1,300 MWh of installed capacity
This represents 1,300 MWh of installed capacity and more than one million operating hours across different segments such as ferries, offshore vessels, tugs, RoPaxes and cruise ships – averting an estimated 11 million tonnes of CO2 to date.
“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,” said Fredrik Witte, Chief Executive Officer of Corvus Energy.
“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.”
Accelerating deployment
The funding will enable Corvus Energy to accelerate deployment of its solutions
The funding will enable Corvus Energy to accelerate deployment of its solutions, expand production capacity, continue pioneering product innovation, and contribute to the decarbonisation of a global shipping industry that is currently responsible for an estimated 3% of global greenhouse gas emissions.
Corvus Energy operates globally across 15 locations with manufacturing sites in Norway, Canada, and the United States, and offers the sector’s broadest portfolio of maritime ESS products, spanning multiple chemistries and performance profiles.
Recent projects underscore Corvus’s technological edge:
- 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 year end.
- 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.
Big investments in product development
“We have invested heavily in product development to help shipowners and operators cut emissions and operating costs,” added Mette Rokne Hanestad, Chief Financial Officer of Corvus Energy.
“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.
