Shell Ventures invests in Corvus ESS

Shell Ventures invests in Corvus ESS

Energy storage system (ESS) developer and supplier Corvus Energy has finalised an investment deal with Shell Ventures to help the company further develop and expand its lithium-ion based ESS’.

The investment is also step towards Shell’s ambition to decrease the carbon footprint of the energy products it sells by around 20 per cent by 2035 and by around 50 per cent by 2050.

Corvus’ ESS are used across a range of ship types to reduce fuel consumption and emissions. Depending on the type of vessel and each vessels’ operational profile, an ESS is used for peak shaving, to operate engines at optimum load; for load levelling to give engines a smoother operation by reducing load variations; for reserve power; for zero-emission and silent sailing as the ESS emits no exhaust or noise emissions; and for rapid load response, which allows power to be immediately supplied to large power companies.

“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. A good example is what we achieved with Equinor, which has now become the model and inspiration for the rest of the world,” says Bjørkeli. “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. We look forward to working with Shell to power a clean future and support Shell’s determination to make their operations more sustainable,” said Geir Bjørkeli, CEO of Corvus Energy.

“Corvus Energy is strong partner for Shell,” stated Kirk Coburn, investment director in Shell Ventures. “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.”