Corvus Energy, based in Bergen, Norway, has secured a $60M investment to enhance its operations in the maritime industry. The company specializes in energy-storage solutions and this funding will be pivotal in supporting the maritime sector’s shift towards sustainable practices. The investment highlights growing interest from global investors in green technologies that cut emissions. Such financial backing is crucial as the maritime industry pursues more sustainable operations.
Corvus Energy, established in 2009, supplies over 50 percent of globally zero-emission vessels through its advanced maritime energy storage systems. Notable for installing more than 1,300 hybrid or all-electric systems, they have significantly contributed to reducing CO2 emissions, estimated at 11 million tonnes avoided. Their role in decarbonizing the maritime industry has previously attracted attention, marking them a leader in this transformation. The latest funding round, led by Morgan Stanley Investment Management, further solidifies their position and promises to extend their impact globally.
How Will the Funding Be Utilized?
Corvus plans to increase the deployment of its energy storage and fuel cell systems, which are crucial in reducing emissions from maritime operations. The company currently operates in various locations worldwide including sites in Norway, Canada, and the United States. Through this investment, Corvus aims to satisfy the increasing demand for clean energy within the shipping industry, responsible for about 3 percent of global greenhouse gas emissions. Their systems, which include modular lithium-ion battery systems and Hydrogen PEM fuel cells, are used across multiple vessel types.
What Do the Leaders Say About This Financial Boost?
Fredrik Witte, CEO of Corvus Energy, emphasizes the critical phase for decarbonization in the maritime sector.
“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,”
he states. This underscores the importance of sustainable practices in reducing operational costs and environmental impact.
Moreover, this financial injection will pave the way for ambitious ventures such as the world’s largest fully-electric vessel and the first fully-electric offshore vessel. These projects not only enhance operational efficiency but also serve as notable milestones in maritime innovation.
Mette Rokne Hanestad, CFO of Corvus Energy, adds,
“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.”
This highlights the dual benefit of promising environmental benefits alongside financial efficiency to stakeholders.
Investors such as Morgan Stanley Investment Management, Just Climate, and J. Lauritzen, all have strong backgrounds in promoting sustainable technologies. Their participation underscores the potential seen in Corvus Energy’s growth strategy and sustainable impact.
As the maritime industry pushes towards decarbonization, Corvus Energy is poised to make significant strides, backed by strategic investment. The company’s focus on zero-emission marine solutions aligns with global climate goals. Corvus Energy’s commitment to innovation and sustainability reflects in its progressive projects, setting a benchmark in the maritime sector.
