Norwegian energy storage system developer (ESS) Corvus Energy has secured venture backing in an undisclosed deal with Shell Ventures.
Corvus Energy, set up in Bergen in 2009, supplies ESS systems for maritime, offshore, subsea and port applications. The lithium-ion battery ESSs are used in propulsion and power management systems of more than half of the battery-hybrid and zero-emission vessels worldwide. The investment is for Corvus Energy to expand internationally and technology development for maritime energy storage.
The investment is a step towards Shell’s ambition to decrease the carbon footprint of the energy products they sell by around 20% by 2035 and by around 50% by 2050. Shell joins a group of strategic investors that includes BW Ventures Limited, a part of BW Group, an international shipping company; Equinor Technology Ventures, the technology investment division of Equinor; Norsk Hydro, a Norwegian renewable energy and aluminum producer; and a Canadian investment group focused on clean energy solutions.
Corvus has supplied Energy Storage Systems for more than 30 offshore support vessels, in addition to various subsea applications and solutions for regenerative energy solutions from mechanical equipment. Corvus has successfully demonstrated its innovative and patented technology effectively helps reduce fuel consumption and emissions, while exceeding the offshore sector’s stringent performance, safety and operational requirements.
“To have strong and active owners has been crucial to our success and has taught us that by working closely with strategic investors we can achieve great results," said Geir Bjørkeli, CEO of Corvus Energy. "A good example is what we achieved with Equinor, which has now become the model and inspiration for the rest of the world. To have Shell onboard as an investor means that we can reach out to a much larger market and apply our technology to more rigs and platforms as well as continue the hybridization of offshore vessels.”
“Corvus Energy is strong partner for Shell,” says Kirk Coburn, Investment Director in Shell Ventures. “The energy sector is going through a major transition as the trend