Corvus Energy which specializes in Energy Storage Systems for the maritime industry has secured a $60 million growth capital injection from a group of international investors led by Morgan Stanley Investment Management and including Just Climate and J. Lauritzen.
Founded in 2009, Corvus Energy said it supplies more than half of the world’s zero-emission vessels and has averted an estimated 11 million tons of CO2 to date. The funding will enable the company to accelerate deployment of its solutions, expand production capacity, and sustain innovation.
The announcement comes as the International Maritime Organization prepares a vote that is expected to greatly increase the consequences for maritime pollution which currently accounts for over 3% of global greenhouse gases.
“The maritime industry is entering a decisive decade for decarbonization, 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.
Corvus operates globally across 15 locations with manufacturing sites in Norway, Canada, and the United States. The company said its technology powers the world’s largest fully-electric vessel and fast ferry and the world’s first fully-electric offshore vessel with the largest LFP battery system yet supplied to a maritime project.
“We have invested heavily in product development to help shipowners and operators cut emissions and operating costs,” said 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.”
