Marine Battery Maker Plans Big Growth After Funding Deal

Tuesday July 29, 2014

Marine battery systems maker Corvus Energy (Corvus) says it is pursuing an aggressive growth strategy with the help of funding by Green Marine Capital (GMC).

The $5 million financing deal with the BW Ventures subsidiary, originally announced in May, is now completed.

"We are very pleased to complete this process and continue to drive both the commercial success and the innovation of our solutions not only for the maritime industry, but also in a number of adjacent sectors where our value proposition and competitive advantage is well established," said interim Corvus CEO Andrew Morden.

"GMC has demonstrated that it will be able to provide financial, operational, and legal expertise, which will greatly assist Corvus in growing a profitable business that drives shareholder value."

Corvus says its lithium battery Energy Store Systems (ESS) make up more than 90 percent of the marine market, including both hybrid and fully electric offshore supply vessels (OSVs), tugboats, and ferries.

The company is also targeting other markets including hybrid port cranes, electric light rail, hybrid trains.

"At Green Marine Capital, we're investing in companies with technology that can make ships more fuel efficient and environmentally-friendly." said Managing Director Sverre Prytz.

"Batteries and hybrid electric solutions have demonstrated this and will play a significant role in the maritime market in the years to come.

"Corvus has been the pioneer in this sector and the combination of its differentiated technology, a growing market, and the team's demonstrated record of success makes this a compelling opportunity."