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Corvus Energy finalizes investment deal with Shell Ventures

Aug 12, 2019 08:28 AM

(BERGEN, Norway and RICHMOND, British Columbia) — Corvus Energy has finalized an investment deal with Shell Ventures. The investment is a step toward Shell’s ambition to decrease the carbon footprint of the energy products it sells by around 20 percent by 2035 and by around 50 percent by 2050.

Corvus Energy is a leading developer and supplier of advanced energy storage systems (ESS) for maritime, offshore, subsea and port applications. Its range of lithium-ion battery ESSs are integral to the propulsion and power management systems of more than half of the battery-hybrid and zero-emission vessels worldwide. The investment will help Corvus Energy expand internationally and further enhance its technological leadership within maritime energy storage.

As a pioneer in maritime energy storage, Corvus Energy has delivered ESSs 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. A good example is what we achieved with Equinor, which has now become the model and inspiration for the rest of the world,” said Geir Bjorkeli, CEO of Corvus Energy. “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. We look forward to working with Shell to power a clean future and support Shell’s determination to make their operations more sustainable.”

“Corvus Energy is strong partner for Shell,” said Kirk Coburn, investment director in Shell Ventures. “The energy sector is going through a major transition as the trend towards renewable generation and electrification of many sectors accelerates. Current hybrid and zero-emission projects have proven that the potential for reducing costs and cutting emissions are substantial, which Shell will take advantage of in its offshore operations,” Coburn continues. “We look forward to working together with Corvus Energy’s renowned technological know-how and unique expertise in maritime energy storage to develop innovative and competitive solutions also in fields where it has not been used before.”

For more information, visit www.corvusenergy.com.

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