Norway’s Hydro invests in venture-backed Corvus Energy


© 2017 Norsk Hydro ASA

Corvus Energy Inc has closed an investment with Norsk Hydro ASA, an Oslo, Norway-based aluminum supplier. Hydro acquired 25.9 percent of the company’s shares for an undisclosed sum. As a result, it joined other Corvus investors, including BW GroupStatoil Technology Invest, the venture capital arm of Norwegian energy company Statoil ASA, and affiliates of El Cuervo Holdings LP. Founded in 2009, Richmond, British Columbia’s Corvus is a provider of energy storage in the form of modular lithium ion battery systems. It said the deal will help scale the company’s operations and accelerate market penetration.

PRESS RELEASE

Global aluminum supplier makes significant investment in Corvus Energy

Norwegian aluminum supplier Hydro has acquired an ownership stake in Corvus Energy

Richmond, B.C. – November 28, 2017 – Corvus Energy is pleased to announce that it has finalized an investment deal with Norwegian aluminum supplier Hydro. Through the private placement, Hydro purchased 25.9% of the shares in Corvus Energy which is jointly held by BW Group, Statoil Technology Invest and investors affiliated with El Cuervo Holdings Limited Partnership.

“Corvus is extremely pleased to have Hydro join our ownership team”, says Willie Wagen, Global VP of Sales & Marketing. Adding, “the experience and financial support of Hydro will enable Corvus to scale our operations and accelerate our market penetration even further.”

Established in 1905, Hydro is one of the world’s largest fully integrated aluminum companies, with over 35,000 employees, and operations in 40 countries on all continents. Hydro was attracted to Corvus not only for the commercial viability of the technology as the adoption of battery power for all-electric and hybrid marine applications increases, but also in consideration of their own future power needs. Based in Norway and rooted in more than a century of experience in renewable energy, technology and innovation, Hydro is committed to strengthening the viability of its customers and communities, shaping a sustainable future through innovative aluminum solutions.

“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”, says Executive Vice President for energy and business development at Hydro, Arvid Moss.

About Corvus Energy

Corvus Energy provides high power energy storage in the form of modular lithium ion battery systems. Its purpose-built, field-proven battery systems provide sustained power to hybrid and all-electric heavy industrial equipment, including large marine propulsion drives. For more information, please visit www.corvusenergy.com.

Media Contacts

North America and ROW:

Sean Puchalski
VP Strategic Marketing and Accounts
+1 604 227 0280 ext. 123
[email protected]

Europe:

Willie Wagen
Global VP Sales & Marketing
+47 95 75 39 42
[email protected]

Photo courtesy of Norsk Hydro ASA

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