Corvus Energy today announced that it has entered into an agreement in principle with BW Ventures’ Green Marine Capital (GMC), a Maritime Technology Investment Partnership, for a strategic investment of $5 million with the primary purpose of funding working capital requirements.
“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.”
In addition, the company announced that Andrew Morden, Chief Financial Officer, has been appointed as interim CEO replacing Brent Perry effective May 5, 2014.
“The company has made tremendous strides in both establishing a market and building an industry leading product in a short period of time,” Morden said. “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.