Lithium-ion battery systems manufacturer, Corvus Energy, says agreement in principle has been reached with BW Ventures’ Green Marine Capital (GMC), a Maritime Technology Investment Partnership, for a strategic investment of US$5 million to fund working capital requirements. Corvus also says that Andrew Morden, Chief Financial Officer, has been appointed interim CEO replacing Brent Perry effective May 5, 2014.
“The Board of Directors and majority shareholders of Corvus are very pleased to partner with Green Marine Capital. The firm is focused on the benefits that our technology brings to the marine industry and understands its future potential.” commented Nick Andrews, Chairman of the Corvus Board of Directors.
“GMC is an industry leader and they have the capability to promote our technology quickly and globally and accelerate its deployment into the marketplace. GMC also has access to highly experienced engineers and operators as well as access to a network of legal, financial, and maritime experts that can greatly assist Corvus in growing a profitable business that drives shareholder value.”
“The Company has made tremendous strides in both establishing a market and building an industry leading product in a short period of time.” said Andrew Morden. “We have made substantial commercial inroads with some of the marine industry’s most important players, and I am very excited to take on the challenge of leading the Company through this transition period and onto the next level of success.
About Corvus Energy
The Company provides industrial-sized power in compact, modular lithium-ion battery systems to primarily the commercial marine market. Its battery packs have the capacity to output sustained power comparable to diesel engines in hybrid and full-electric vessels and vehicles.