Morgan Stanley Investment Management (MSIM) announced that it has led a $60 million growth capital fundraise for maritime sector-focused low-carbon Energy Storage Systems (ESS) solutions provider Corvus Energy.
MSIM’s investment was made through 1GT, the firm’s private climate equity strategy targeting the elimination of 1 gigaton of CO2 emissions by 2050. Additional investors participating in the round included Just Climate and J. Lauritzen.
Founded in 2009, Norway-based Corvus Energy provides advanced zero-emission solutions for maritime, offshore and port applications, including systems to power vessels ranging from ferries and offshore service vessels to cruise liners. The company’s portfolio includes energy storage and fuel cell systems providing power systems in the form of modular lithium-ion battery systems and Hydrogen PEM fuel cell systems.
To date, Corvus Energy has delivered over 1,300 hybrid or all-electric ESS installations worldwide, representing 1,300 MWh of installed capacity and more than one million operating hours, supplying more than half of the world’s zero-emission vessels.
The company said that its solutions have averted an estimated 11 million tonnes of CO2 to date.
Vikram Raju, MSIM’s Head of Climate Private Equity Investing and 1GT, said:
“Corvus Energy is the global market leader for a reason –their battery systems have an unmatched history of maritime safety, innovation and commercial competitiveness. Maritime decarbonization is a core theme for 1GT and we are honored to support Corvus in this next phase of the Company’s compelling story.”
Corvus Energy said that the new capital will enable it to accelerate deployment of its solutions, expand production capacity, and continue product innovation, contributing to the decarbonizing of the global shipping industry.
Fredrik Witte, Chief Executive of Corvus Energy, said:
“We are excited to welcome 1GT, Just Climate and J. Lauritzen as we strengthen our ability to meet surging global demand for zero-emission solutions in the maritime space. Their support affirms Corvus’s position as the market leader in maritime energy storage and provides the capital and strategic support we need to accelerate growth globally.”
