Corvus Energy completes equity financing with Statoil Technology Invest, an investment arm of Statoil

Capital Raising
Transaction Details

Fort Capital Partners is pleased to announce the closing of a strategic investment by Statoil Technology Invest (“STI”) in Corvus Energy Limited. The investment represents a minority interest in Corvus, and provides funding for Corvus to both foster development of its high power energy storage systems and build upon its sales efforts.

Corvus technology powers more than 35 commercial hybrid and electric vessels around the world, with an installed-base totaling over 30 megawatt-hours. Vessels and equipment hybridized or fully electrified with the Corvus ESS consume less fuel, operate more efficiently and effectively, and emit substantially less greenhouse gases. Corvus is the pioneer in its sector and continues to demonstrate technology, safety and customer service leadership along with a proven record of success.

STI, an investment arm of Statoil of Norway, shares Corvus’ vision that batteries, hybrid and fully electric solutions will play a significant role in the offshore, ferry and maritime market in the years to come, and sees Corvus as a leader in large-scale energy storage systems for marine applications with products and expertise that provide a competitive advantage for expanding into the offshore sector. STI sees growth in the application of Corvus technology in vessels, and long term potential to apply the same technology to offshore rigs and platforms, in both cases contributing to the ambition of Statoil to reduce CO2 emissions.

Fort Capital provided Corvus advice with respect to sourcing a strategic investment in the Company, and in the placement of the common shares with STI.

Corvus Energy Ltd. provides high-power energy storage in the form of modular lithium Ion battery systems. Based in Richmond, B.C., its purpose built, field proven battery systems provide sustained power to hybrid and fully electric heavy industrial equipment including large marine propulsion drives.

Statoil Technology Invest’s job is to attract and assist innovative companies, helping them to develop and commercialize new technology that Statoil can use in its operations. It provides both equity funding in seed and venture phases and also product development funding through its LOOP program. Statoil, an international energy company with operations in 37 countries and the largest operator on the Norwegian continental shelf, is headquartered in Stavanger, Norway, and listed on the New York and Oslo stock exchanges.

Fort Capital Inc. is an investment bank that works with public and private companies in Canada. The firm draws from collective capital markets experience to provide its clients with proven, accessible and independent investment banking advice and transaction execution. For more information, visit fortcapital.ca.

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