Statoil and Corvus

Corvus Energy announces investment from Statoil Technology Invest

Corvus will receive a one million US dollar investment from Statoil, Norway's largest offshore oil company.
Published Nov 12 2015 — by Maritime Battery Forum

From Corvus press release:

"We are building on our success in the offshore supply and service market where we have successfully demonstrated our technology is perfectly suited to the sector's stringent performance, safety and operational requirements. Offshore supply vessels like the Viking Lady OSV and Edda Ferd PSV that employ the Corvus ESS are field-tested and proven to meet and exceed performance and safety expectations. These vessels run at peak efficiency for longer periods of time, saving fuel and maintenance costs and dramatically reducing emissions," says Andrew Morden, President & CEO of Corvus Energy.

"And now, with the release of new Class Rules pertaining to both Batteries and Dynamic Positioning (DP), Corvus's ESS system will further enable the reduction in both the size and number of generator sets in vessels with DP operations. Vessels can operate more efficiently and consume far less fuel which is ultimately far better for our environment", Morden added.

"We are very pleased to invest in Corvus Energy, a recognized leader in large-scale energy storage systems for marine applications. Their products and unparalleled expertise give them a competitive advantage for expanding into the offshore sector. We see initial applications in vessels, with long term potential to apply the same technology to rigs and platforms, which will contribute to Statoil's ambition to reduce CO2 emissions. This investment also represents an exciting opportunity to accelerate the growth of hybrid marine technology complementing Statoil's increased focus on alternative energy solutions," said Richard Erskine, Managing Director of Statoil Technology Invest.

The Statoil Technology investment follows on from two previous strategic investments from Green Marine Capital. Green Marine Capital is an investment partnership of global maritime companies that draws on the deep rooted and global maritime heritage of the BW Group and it has been assisting Corvus in delivering on its aggressive growth strategy.

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