Marine battery maker secures $5 million in funding, pursues aggressive growth

Marine battery systems maker Corvus Energy has finalized a $5-million financing deal with Green Marine Capital (GMC). The company plans to use the new funding to pursue a strategy of aggressive growth.

According to Corvus, its lithium-ion Energy Store Systems (ESS) serve more than 90 percent of the marine market, including both hybrid and fully electric offshore supply vessels, tugboats, and ferries. The company is also targeting other markets, such as hybrid port cranes, electric light rail and hybrid trains.

“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,” said Corvus’s Interim CEO Andrew Morden.

“At Green Marine Capital, we’re investing in companies with technology that can make ships more fuel-efficient and environmentally-friendly.” said GMC 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.”                   

 

Source: Ship & Bunker