Corvus Energy secures funds for decarbonisation

The funding round was led by Morgan Stanley Investment Management and included participation from Just Climate and J. Lauritzen.

“The maritime industry is entering a decisive decade for decarbonisation, 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 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.”

Founded in 2009, Corvus Energy has delivered more than 1,300 hybrid and all-electric ESS installations worldwide, totalling 1,300 MWh of installed capacity and more than a million operating hours across various vessel types including ferries, offshore vessels, tugs, RoPaxes and cruise ships.

Operating globally with manufacturing facilities in Norway, Canada and the United States, Corvus offers a wide range of ESS products. Notable recent projects include the world’s largest fully electric vessel and fast ferry for South America’s Buquebus and Blue Whale, the world’s largest LFP battery system powering the first fully electric offshore vessel.

“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.”

The funding round is expected to close in the coming weeks, with further details to be announced upon completion. Alexa Capital and law firm Schjødt advised Corvus Energy on the transaction.