Morgan Stanley Investment Management (MSIM) has announced its leadership in a $60 million growth capital fundraising round for Corvus Energy, a provider of low-carbon Energy Storage Systems (ESS) solutions focused on the maritime sector. MSIM’s investment was conducted through its private climate equity strategy, 1GT, which aims to eliminate 1 gigatonne of CO2 emissions by 2050. Other investors in the round included Just Climate and J. Lauritzen.
Established in 2009 and headquartered in Norway, Corvus Energy offers advanced zero-emission solutions for maritime, offshore, and port applications. Its systems power a variety of vessels, from ferries and offshore service vessels to cruise liners. The company’s product range includes modular lithium-ion battery systems and Hydrogen PEM fuel cell systems, which provide power solutions for these sectors.
Corvus Energy has so far delivered over 1,300 hybrid or all-electric ESS installations globally, equating to 1,300 MWh of installed capacity and over one million operating hours. The company supplies more than half of the world’s zero-emission vessels and estimates that its solutions have prevented approximately 11 million tonnes of CO2 emissions to date.
Vikram Raju, Head of Climate Private Equity Investing and 1GT at MSIM, stated, “Corvus Energy is the global market leader for a reason—their battery systems have an unmatched history of maritime safety, innovation, and commercial competitiveness. Maritime decarbonisation is a core theme for 1GT, and we are honoured to support Corvus in this next phase of the company’s compelling story.”
Corvus Energy indicated that the new funding would enable it to accelerate the deployment of its solutions, expand production capacity, and continue innovating products, contributing significantly to the decarbonisation of the global shipping industry.
Fredrik Witte, Chief Executive of Corvus Energy, commented, “We are excited to welcome 1GT, Just Climate, and J. Lauritzen as we strengthen our ability to meet surging global demand for zero-emission solutions in the maritime space. Their support affirms Corvus’s position as the market leader in maritime energy storage and provides the capital and strategic support we need to accelerate growth globally.”
