Corvus Energy secures strategic investment from Shell Ventures

Corvus Energy has announced that it has raised undisclosed amount from Shell Ventures.

Shell Ventures is joining existing corporate investors including BW Ventures Limited, Equinor Technology Ventures (formerly Statoil Technology Invest), Norsk Hydro, and family offices and private investors from Canada, USA, Asia, Middle East and South America.

Richmond, BC based Corvus Energy is a leading developer and supplier of advanced energy storage systems (ESS) for maritime, offshore, subsea and port applications.

Shell investment will help Corvus Energy expand internationally and further enhance its technological leadership within maritime energy storage.

photo credit: Corvus Energy

News Release

Shell Ventures invests in Corvus Energy

Corvus Energy announces major investment from Shell Ventures to support the global development of its maritime energy storage solutions.

Bergen, Norway and Richmond, B.C., Canada- August 12, 2019. Corvus Energy is pleased to announce 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 they sell by around 20% by 2035 and by around 50% by 2050, in step with society.

Corvus Energy is a leading developer and supplier of advanced energy storage systems (ESS) for maritime, offshore, subsea and port applications. Their 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.

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.”

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About Shell Ventures

Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc (“Shell”). With major offices in Europe, the USA, India and China, Shell Ventures invests in technology companies, innovative business models and growth plays to enhance the development of energy solutions and new technologies that have the potential to create substantial deployment value in Shell. Continuing Shell’s tradition in venture capital since 1998, Shell Ventures’ investment focus includes oil & gas technologies, renewable energy technologies and mobility solutions. Shell Ventures co-invests with other corporate investors, venture capital funds and angels, and will invest in both early-stage and late-stage (growth capital) companies. For more information, visit www.shell.com/shell-ventures.

About Corvus Energy

Corvus Energy provides high power energy storage in the form of modular lithium-ion battery systems for marine, oil & gas, subsea and port applications. Its purpose built, field proven battery systems provide sustained power to hybrid and fully electric heavy industrial equipment including large marine propulsion drives. For more information, please visit www.corvusenergy.com.

Editor’s notes

Shell 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.

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For more information, please visit www.corvusenergy.com

Media Contacts:

In Europe and Asia

Sonja Vernøy Hansen
Marketing Communications Manager
+47 99 309 309
svhansen@corvusenergy.com

In North America

Sean Puchalski
Executive VP Strategy & Business Planning
(604) 227-0280 ext. 123
spuchalski@corvusenergy.com

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.