Shell is the latest big name investor to put its weight behind maritime lithium-ion battery maker Corvus Energy.
The investment was described as a “step towards Shell’s ambition to decrease the carbon footprint of the energy products” it sells by around 50% by 2050.
The investment has been made by the oil major’s corporate venture capital arm Shell Ventures. Financial terms were not disclosed.
Shell joins a group of strategic investors that include BW Ventures, part of BW Group, Equinor Technology Ventures, the technology investment division of Equinor and Norwegian renewable energy and aluminum producer Norsk Hydro.
Corvus said the investment will help it expand internationally and further enhance its “technological leadership within maritime energy storage”. Financial terms were not disclosed.
The company describes itself as a “leading developer and supplier” of energy storage systems (ESS) for maritime, offshore, subsea and port applications.
Its range of lithium-ion battery ESSs are said to have been installed on more than 30 offshore support vessels.
Last month, Italy’s Grimaldi Group ro-pax cruise ferries Cruise Barcelona and Cruise Roma had 5.5 MWh battery energy storage systems (ESS) installed.
The ‘mega batteries’ will allow the Grimaldi cruise ferries to turn off the diesel engines and operate solely on battery power and with zero emissions for up to four hours during port stays.
“To have strong and active owners has been crucial to our success and has taught us that by working closely with strategic investors we can achieve great results,” Corvus Energy chief executive Geir Bjorkeli said of Shell’s investment.
“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 hybridization of offshore vessels.”
Kirk Coburn, investment director at Shell Ventures said 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,” he said.
