Shell invests in Corvus Energy to develop maritime energy storage solutions

Oil major Shell is making moves to support the global development of maritime energy storage solutions as it invests in Corvus Energy via Shell Ventures.

The investment in Corvus Energy is part of 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.

“The energy sector is going through a major transition as the trend towards renewable generation and electrification of many sectors accelerates. 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,” said Kirk Coburn, investment director in Shell Ventures.

Corvus Energy, developer and supplier of energy storage systems (ESS) for maritime, offshore and subsea and port applications, offers a range of lithium-ion battery ESSs integral to the propulsion and power management systems of more than half of the battery-hybrid and zero-emission vessels worldwide.

Corvus Energy believes that the investment by Shell will help it expand internationally and further enhance its technological leadership within maritime energy storage.

Geir Bjørkeli, ceo of Corvus Energy, said: “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 hybridisation of offshore vessels.”

Read more: Corvus Energy lands order for 20 battery-hybrid RTG cranes in China

Corvus Energy has delivered ESSs for more than 30 offshore support vessels, in addition to various subsea applications and solutions for regenerative energy solutions from mechanical equipment.

The latest move by Shell means that it has joined a group of strategic investors that jointly own Corvus Energy, including BW Ventures, a part of BW Group; Equinor Technology Ventures, the technology investment division of offshore oil and gas operator Equinor; Norsk Hydro, a Norwegian renewable energy and aluminum producer; and a Canadian investment group focused on clean energy solutions.

Posted 13 August 2019

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