Statoil Technology Invest, the corporate venturing unit belonging to oil and gas firm Statoil, has invested an undisclosed sum in Canada-based energy storage system developer Corvus Energy.
Corvus builds lithium ion battery-based systems used in maritime hybrid and electric propulsion systems. The technology powers more than 35 commercial hybrid and electric vessels around the world.
Richard Erskine, managing director of Statoil Technology Invest, said: “We are very pleased to invest in Corvus Energy, a recognised leader in large-scale energy storage systems for marine applications.
“Their products and unparalleled expertise give them a competitive advantage for expanding into the offshore sector. 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.
“This investment also represents an exciting opportunity to accelerate the growth of hybrid marine technology complementing Statoil’s increased focus on alternative energy solutions.”
Corvus had previously raised funding from Green Marine Capital, a partnership vehicle formed by maritime companies BW Group and DNV.