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Corvus acquires Grenland Energy

Energy storage systems supplier Corvus Energy Holding has signed an agreement to acquire all shares in Grenland Energy, a maker of lightweight lithium-ion batteries for the maritime, offshore and subsea industry.

The acquisition adds lightweight and subsea batteries to Corvus Energy’s existing portfolio of large-scale maritime ESS, strengthening the company’s 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 the firm’s customers will benefit from Corvus Energy’s global sales and service capabilities.

“We knew that Grenland Energy had technology that would accelerate our long-term strategy by complementing and strengthening our product portfolio,” said Geir Bjørkeli, CEO of Corvus Energy. “We are very excited to have quickly reached this agreement with Grenland Energy. They have highly skilled employees, high-quality products, and a market-leading position within niche segments that represent attractive long-term growth potential.

“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.”

According to Roman Stoiber, CEO at Grenland Energy, Corvus Energy’s commitment to quality and safety was key, with the two companies sharing “the same passion for overcoming technical challenges, to drive innovation and provide better and more sustainable solutions”.

He added, “We are pleased that Corvus Energy will enable unprecedented access to markets and opportunities for our technology. Our combined range of products and services will be unique in today’s maritime industry and offer significant advantages to our customers.”

Upon completion of the acquisition, the business of Grenland Energy will be fully integrated with the operations in Corvus Norway, which is based in Bergen. The Grenland Energy office will remain, and will expand its current operation in the Grenland region of Norway. The shareholders in Grenland Energy will continue as shareholders in Corvus Energy Holding.

- February 2019

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