Corvus Energy completes equity financing with Shell Ventures

Capital Raising
Transaction Details

Click here to view the original press release

Fort Capital Partners is pleased to announce the closing of a strategic investment by Shell Ventures (“Shell”), the corporate venture arm of Royal Dutch Shell plc, in Corvus Energy (“Corvus”). The investment is a step towards Shell’s ambition to decrease the carbon footprint of the energy products they sell by around 20% by 2035 and by around 50% by 2050, in step with society.

Corvus is a leading developer and supplier of advanced 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. The US$20M equity investment from Shell will help Corvus expand internationally and further enhance its technological leadership within maritime energy storage.  Corvus has successfully demonstrated its innovative and patented technology, which effectively helps reduce fuel consumption and emissions, while exceeding the offshore sector’s stringent performance, safety and operational requirements.

Geir Bjørkeli, CEO of Corvus, is enthusiastic about having Shell as one of its strategic investors: “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,” says Bjørkeli.  “We look forward to working with Shell to power a clean future and support Shell’s determination to make their operations more sustainable.”

“Corvus Energy is a strong partner for Shell,” says Kirk Coburn, Investment Director in Shell Ventures. “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.”

About Shell Ventures

Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc (“Shell”). With major offices in Europe, the USA, India and China, Shell Ventures invests in technology companies, innovative business models and growth plays to enhance the development of energy solutions and new technologies that have the potential to create substantial deployment value in Shell. Continuing Shell’s tradition in venture capital since 1998, Shell Ventures’ investment focus includes oil & gas technologies, renewable energy technologies and mobility solutions. Shell Ventures co-invests with other corporate investors, venture capital funds and angels, and will invest in both early-stage and late-stage (growth capital) companies. For more information, visit www.shell.com/shell-ventures.

About Corvus Energy

Corvus Energy provides high power energy storage in the form of modular lithium-ion battery systems for marine, oil & gas, subsea and port applications. Its purpose built, field proven battery systems provide sustained power to hybrid and fully electric heavy industrial equipment including large marine propulsion drives. For more information, please visit www.corvusenergy.com.