Shell Becomes Corvus Energy’s Investor
- Business & Finance
Shell Ventures, the corporate venture capital arm of Shell, has decided to invest in Corvus Energy, a Canada-based provider of energy storage systems.
As explained, the investment will help Corvus Energy expand internationally and further enhance its position within maritime energy storage.
The parties have not disclosed the value of the investment.
“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,” Geir Bjørkeli, CEO of Corvus Energy, commented.
What is more, the investment is said to be a step towards Shell’s ambition to decrease the carbon footprint of the energy products it sells by around 20% by 2035 and by around 50% by 2050, in step with society.
“We look forward to working with Shell to power a clean future and support Shell’s determination to make their operations more sustainable,” Bjørkeli added.
“The energy sector is going through a major transition as the trend towards renewable generation and electrification of many sectors accelerates,” Kirk Coburn, Investment Director in Shell Ventures, said.
“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,” Coburn continued.
With this move, Shell joins a group of strategic investors that jointly own Corvus Energy — BW Ventures Limited, part of shipping company BW Group; Equinor Technology Ventures; Norsk Hydro and a Canadian investment group focused on clean energy solutions.
Corvus Energy develops energy storage systems (ESS) for maritime, offshore, subsea and port applications. Their range of lithium-ion battery ESSs are integral to the propulsion and power management systems of more than half of the battery-hybrid and zero-emission vessels worldwide.