Shell Invests in Marine Battery Maker Corvus

Monday August 12, 2019

Shell has invested in Canada-based marine battery manufacturer Corvus Energy.

While exact numbers were not given, the move via the Shell Ventures entity was described as "major".

Battery power is becoming increasingly popular for maritime propulsion projects and Corvus is a major player in the space, saying its range of lithium-ion battery solutions are used in more than half of the battery-hybrid and zero-emission vessels worldwide.

For Shell, the move comes as part of its aim to decrease the carbon footprint of the energy products they sell by around 20% by 2035 and by around 50% by 2050.

"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 Bjørkeli, CEO of Corvus Energy.

"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."

Adding his own comments to the announcement, Kirk Coburn, Investment Director in Shell Ventures, said: "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."