Aluminium producer Norsk Hydro has paid an undisclosed amount for a 25.9% stake in Canada-based energy storage technology provider Corvus Energy.
Corvus designs and produces modular, scalable lithium-ion battery systems that are mainly used offshore by industrial service providers and merchant marine operators, though the batteries have also been utilised for prototype versions of electric vehicles.
Green Marine Capital, a joint venture formed by shipping and maritime energy services providers BW Group and DNV, provided an undisclosed amount of funding for Corvus before Statoil Technology Invest, a subsidiary of energy company Statoil, invested an undisclosed sum in late 2015.
Arvid Moss, Norsk Hydro’s executive vice-president for energy and business development, said: “We see that energy storage and battery solutions are an increasingly important part of the future of energy systems, and as a significant energy player – both as a power producer and consumer of energy – we want Hydro to be developing this industry further.”
– Image courtesy of Corvus Energy.