STI invests in Corvus Energy

Offshore staff

RICHMOND, Canada – Corvus Energy has received strategic investment from Statoil Technology Invest (STI), a program that helps companies develop and commercialize new technology which Statoil can then use in its operations.

Corvus provides lithium ion energy storage systems (ESS) for maritime hybrid and fully electric propulsion systems. The company said its technology powers more than 35 commercial hybrid and electric vessels around the world, with an installed-base totaling more than 30 megawatt-hours.

“With the release of new class rules pertaining to both batteries and dynamic positioning (DP), Corvus’ 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,” said Andrew Morden, president and CEO of Corvus Energy.

 “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,” said Richard Erskine, managing director of Statoil Technology Invest. This investment also represents an exciting opportunity to accelerate the growth of hybrid marine technology complementing Statoil’s increased focus on alternative energy solutions.”

11/04/2015

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