$5M Finance Deal for Marine Battery Firm

by Ship & Bunker News Team
Thursday May 8, 2014

Canadian marine battery system maker Corvus Energy (Corvus) says it will receive a $5 million investment from BW Ventures' Green Marine Capital (GMC) to fund its working capital needs.

"The firm is focused on the benefits that our technology brings to the marine industry and understands its future potential," said Corvus board Chairman Nick Andrews.

"GMC is an industry leader and they have the capability to promote our technology quickly and globally and accelerate its deployment into the marketplace.

"GMC also has access to highly experienced engineers and operators as well as access to a network of legal, financial and maritime experts that can greatly assist Corvus in growing a profitable business that drives shareholder value."

Corvus has also appointed Chief Financial Officer Andrew Morden as interim CEO, replacing Brent Perry.

"We have made substantial commercial inroads with some of the marine industry's most important players, and I am very excited to take on the challenge of leading the company through this transition period and onto the next level of success," Morden said.

Corvus has provided packages for Danish ferry operator Scandlines and Eco Marine Power Co. Ltd. (EMP) of Japan.