Corvus Energy, Bergen, Norway, has announced a $60 million growth capital investment led by Morgan Stanley Investment Management, with participation from Just Climate and J. Lauritzen.
Founded in 2009, Corvus Energy specializes in energy-storage systems (ESS) for maritime applications. The company reports more than 1,300 ESS installations globally, totaling approximately 1,300 MWh of installed capacity and over one million operating hours. Its systems are used in ferries, offshore vessels, tugs, RoPaxes, and cruise ships.
“The maritime industry is entering a decisive decade for decarbonization, 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 officer 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. Their support, alongside our existing shareholders, affirms Corvus’s position as the market leader in maritime energy storage and provides the capital and strategic support we need to accelerate growth in key regions.”
The company said it plans to use the funds to increase production capacity, advance product development, and expand in key global markets. Corvus operates in 15 locations with manufacturing facilities in Norway, Canada, and the United States.
“We have invested heavily in product development to help shipowners and operators cut emissions and operating costs”, added 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, the company said. Alexa Capital and law firm Schjødt advised Corvus Energy on the transaction.
