Corvus Energy Acquires Grenland Energy

Maritime Activity Reports, Inc.

February 6, 2019

Pic: Corvus Energy Holding AS

Pic: Corvus Energy Holding AS

Corvus Energy Holding, the Energy Storage Systems (ESS) supplier to the maritime industry, has signed an agreement to acquire all shares in the Norway-based Grenland Energy, which develops and manufactures lightweight lithium-ion batteries for the maritime, offshore and subsea industry.

“The market for battery storage is increasing rapidly. It is the perfect time to combine resources, competencies, and technologies with an optimized global footprint. We are eager to join forces with innovative companies such as Grenland Energy to offer extended and more specialized solutions and services,” said Geir Bjørkeli, CEO of Corvus Energy.

With this acquisition, lightweight and subsea batteries are added to Corvus Energy’s existing portfolio of large-scale maritime ESSs, strengthening Corvus Energy’s market-leading position as a complete supplier of batteries for a wide variety of seaborne applications.

The current operations of Grenland Energy will continue without interruption, and Grenland Energy customers will benefit from Corvus Energy’ global sales and service capabilities.

Bjørkeli said: “Corvus will offer Grenland Energy automated and efficient manufacturing, a global service network and easier access to global markets. The Grenland team will play a vital role in future R&D programs within the Corvus family and help shape a hub for leading battery technology in the Grenland region. And as in the past, Corvus Energy will continue to focus on innovation, quality and safety and to foster a long-term view on customer relations.”

Upon completion of the acquisition, the business of Grenland Energy will be fully integrated with the operations in Corvus Norway AS, which is based in Bergen, Norway.

The Grenland Energy office will continue and expand its current operation in the Grenland region of Norway. The shareholders in Grenland Energy will continue as shareholders in Corvus Energy Holding AS.

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