Corvus Energy and Green Marine Capital Close Financing Agreement
$5 Million strategic investment to fuel growth
RICHMOND, B.C. July 28, 2014. Corvus Energy today announced that it has completed a substantial strategic investment by Green Marine Capital ("GMC") previously announced on May 5, 2014. Green Marine Capital, an investment partnership of global maritime companies that draws on the the deep-rooted and global maritime heritage of the BW Group and DNV GL to assist Corvus deliver its aggressive growth strategy.
"We are very pleased to complete this process and continue to drive both the commercial success and the innovation of our solutions not only for the maritime industry, but also in a number of adjacent sectors where our value proposition and competitive advantage is well established," commented Andrew Morden, Interim CEO of Corvus. "GMC has demonstrated that it will be able to provide financial, operational, and legal expertise, which will greatly assist Corvus in growing a profitable business that drives shareholder value."
Corvus Energy has the largest portfolio of deployed Energy Storage Systems (ESS) in the marine industry making up over 90% of the marine market and the greatest breadth of experience in the sector. Designed to provide rugged high power energy storage, Corvus systems are found in hybrid and fully electric powered offshore supply vessels, tugboats, and ferries. Corvus Energy systems are also in the process of being adopted in hybrid port cranes, electric light rail, hybrid trains, as well as in several other applications. As the only lithium battery purpose designed for the challenges of working in a heavy industrial environment, the Corvus solution is also the only one to carry DNV, Lloyd's Register, and ABS Type Approval certification.
"At Green Marine Capital, we're investing in companies with technology that can make ships more fuel efficient and environmentally-friendly." said Sverre Prytz, Managing Director at Green Marine Capital. "Batteries and hybrid electric solutions have demonstrated this and will play a significant role in the maritime market in the years to come. Corvus has been the pioneer in this sector and the combination of its differentiated technology, a growing market, and the team's demonstrated record of success makes this a compelling opportunity."
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