Corvus Energy Ltd - Experts & Thought Leaders

Corvus Energy, the world’s pioneering provider of zero-emission energy solutions for the maritime industry, has received a record-order from Remontowa Shipbuilding in Poland for the supply of battery systems to seven new fully electric ferries for Scottish Government-owned Caledonian Maritime Assets Limited (CMAL) in Scotland. This marks the largest contract in Corvus Energy’s history, measured in USD value, and represents a significant milestone in advancing clean, sustainable ferry operations in the UK. Outstanding collaboration “It’s truly remarkable to witness seven identical ferries being constructed at the same shipyard,” says Stein Ruben Larsen, Senior Vice President of Sales at Corvus Energy. “This project is significant for Corvus Energy not only because of its scale, but also because of the outstanding collaboration we’ve had with the designer, the shipyard, and the integrator throughout the entire process.” Supporting Scotland’s shift to zero-emission ferry operations The order forms part of CMAL’s ambitious plan to deliver seven new Loch-class electric ferries under its Small Vessel Replacement Program (SVRP) — an initiative aimed at reducing emissions, modernising the fleet, and improving connectivity across Scotland’s Island communities. By joining this national effort to decarbonise transport, Corvus Energy reinforces its position as a trusted technology partner in the global transition toward zero-emission operations. Each of the seven new car and passenger ferries will be equipped with 5.7 MWh Corvus Dolphin NxtGen Energy Storage Systems, representing a total capacity of 40 MWh. Corvus Energy will deliver the first system in 2026, followed by three in 2027 and another three in 2028. Result of international collaboration The vessels are the result of international collaboration: naValue (Germany) provided the concept design, LMG Marin (Norway) developed the basic design, and Remontowa Marine Design & Consulting (Poland) contributed the electrical and detailed design. Integration will be carried out by ABB. Operating along Scotland’s west coast, these ferries will provide vital transport links for local communities while achieving zero-emission operations, marking a significant step forward in sustainable maritime transport. Trusted partners in zero-emission newbuilds The contract builds on a long-standing collaboration between Remontowa Shipbuilding and Corvus Energy, which began in 2018. Over the years, Corvus has supplied battery systems via integrators to several of Remontowa’s newbuild projects — including both fully electric ferries and hybrid offshore vessels. Including the seven CMAL newbuilds, the total number of joint projects is close to 20, demonstrating the continuity and cooperation between the two companies in developing zero- and low-emission vessel solutions. Corvus’ light-weight ESS technology “Remontowa Shipbuilding is pleased to continue our cooperation with Corvus Energy on these vessels,” says Michal Jaguszewski, Commercial Director at Remontowa Shipbuilding S.A. “Our collaboration has proven reliable through multiple projects, and Corvus’ light-weight ESS technology plays an important role in achieving the high environmental standards required for CMAL’s new ferries.” Long-standing partnership with Remontowa "It is truly rewarding to see our long-standing partnership with Remontowa continue into such a significant project. Since 2018, we have collaborated on a wide range of vessels, building a foundation of mutual trust that we deeply value." "This contract also marks the conclusion of a fantastic year for Corvus Energy, with record-high order intake and revenue. As we look ahead to a market in strong growth, we are excited to support the yard in delivering these state-of-the-art electric ferries and grateful that so many customers continue to choose Corvus solutions," Fredrik Witte, CEO of Corvus Energy.

BYD Energy Storage, a pioneer in the energy storage sector, and Corvus Energy AS (Corvus), the market pioneer in marine energy storage systems (ESS), have now announced the signing of a Memorandum of Understanding (MoU) to establish a strategic collaboration aimed at advancing next-generation battery solutions for the maritime sector. The MoU strengthens the cooperative relationship between the two companies by combining BYD Energy Storage’s scale and technological leadership in LFP batteries with Corvus Energy’s unparalleled expertise in marine ESS applications. Together, BYD Energy Storage and Corvus will work to accelerate product development, enhance global market reach, and deliver innovative, safe, and high-efficiency energy storage solutions for the global shipping industry. Marine battery installations “This MoU represents a significant step forward in our ambition to remain the market leader in high-quality marine battery systems,” said Ole Jacob Irgens, Head of EMEA and Asia at Corvus Energy. “By combining Corvus’ deep maritime understanding and extensive experience in marine battery installations with BYD Energy Storage’s scalability, innovation in LFP technology, and strong global supply chain, we are well-positioned to bring new products to market faster and meet the evolving needs of the shipping industry.” Adoption of marine energy storage systems As part of the agreement, BYD Energy Storage and Corvus Energy will aim to coordinate global market activities to accelerate the adoption of marine energy storage systems and support the shipping industry’s transition toward cleaner, more sustainable operations. Corvus Energy will serve as the ESS System Partner and Route-to-Market Partner, leveraging its proven expertise in system integration and its strong customer relationships worldwide.

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.