Danish maritime investment company J. Lauritzen has invested in the supplier of energy-storage systems (ESS) for the maritime industry, Corvus Energy. Corvus Energy announced on October 9 that it has secured a $60m growth capital injection from a group of blue-chip international investors.
Morgan Stanley Investment Management led an investor consortium that includes Just Climate and J. Lauritzen.
Corvus Energy said the funding will enable the company to accelerate deployment of its solutions and to expand production capacity, but said further details on the investment will be announced when the company’s current funding round is completed.
Founded in 2009, Corvus Energy claims it has delivered more than 1,300 hybrid or all-electric ESS installations worldwide. The company operates globally across 15 locations with manufacturing sites in Norway, Canada, and the United States.
“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.”
The funding round is expected to close in the coming weeks.
In a separate announcement on Oct. 10, J. Lauritzen said it had taken a minority stake in the company. “The investment in Corvus Energy is in line with our overall goal of creating a lasting impact on the maritime industry through our investments – Corvus Energy has proven that it is possible to deliver truly scalable zero emission solutions to the maritime industry, and we are proud to become investors and support the further development of the company,” noted Kristian Morch, CEO of J. Lauritzen.
