Corvus Energy reports that it has finalized an investment deal with Shell Ventures. The investment is a step towards Shell’s ambition to decrease the carbon footprint of the energy products it sells by around 20% by 2035 and by around 50% by 2050.
Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc and joins a group of strategic investors that jointly own Corvus Energy: BW Ventures Limited, a part of BW Group, an international shipping company; Equinor Technology Ventures, the technology investment division of Equinor, which has significant offshore oil & gas operations; Norsk Hydro, a Norwegian renewable energy and aluminum producer; and a Canadian investment group focused on clean energy solutions.
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 world’s battery-hybrid and zero-emission vessels. The Shell 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.
Geir Bjørkeli, CEO of Corvus Energy is enthusiastic about having Shell Ventures as one of the strategic investors: “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,” says Bjørkeli. “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,” says 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.”