Corvus Energy, the world’s leading supplier of energy-storage systems (ESS) for the maritime industry, announced today 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 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.
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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.
“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.
