Corvus Energy receives ‘major investment’ from Shell Ventures
Corvus Energy a developer and supplier of advanced energy storage systems (ESS) for maritime, offshore, subsea and port applications, on Monday (12 August) announced it has finalised an investment deal with Shell Ventures to support the global development of its maritime energy storage solutions.
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, it says.
“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,” said Geir Bjorkeli, CEO of Corvus Energy.
“A good example is what we achieved with Equinor, which has now become the model and inspiration for the rest of the world.
“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 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.
It 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.
“Corvus Energy is strong partner for Shell,” notes 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.
“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.”
Photo credit: Corvus Energy
Published: 13 August, 2019
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