Norwegian maritime battery supplier Corvus Energy has raised $60 million in growth funding led by Morgan Stanley Investment Management, with participation from Just Climate and J. Lauritzen. Founded in 2009, the company develops and manufactures energy storage systems (ESS) for hybrid and fully electric vessels and currently supplies around half of the world’s zero-emission ships. Corvus said the new funding will be used to expand production capacity, advance product development, and support demand for maritime decarbonization solutions. The company operates production sites in Norway, Canada, and the U.S., and has delivered over 1,300 ESS installations across various vessel types, including ferries, offshore ships, and tugs.
Founded in 2009, Corvus Energy has pioneered maritime ESS and today 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. 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 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. “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.”
The funding will enable Corvus Energy to accelerate deployment of its solutions, expand production capacity, continue leading product innovation, and contribute to the decarbonization 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 highlight Corvus Energy’s position at the forefront of maritime electrification. The company is supplying a 42 MWh Dolphin Energy ESS for the world’s largest fully electric vessel and fast ferry, built by Incat for South American operator Buquebus, which is scheduled for commissioning by the end of the year. Corvus is also providing nearly 25 MWh of LFP-based energy storage for the Blue Whale—the world’s first fully electric offshore vessel and the largest LFP battery system delivered to a maritime project to date.
“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.
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Read the orginal article: https://arcticstartup.com/corvus-energy-raises-60-million-growth/
