Corvus Energy strengthens its product portfolio for maritime batteries with the acquisition of Grenland Energy
Bergen, Norway; Richmond, BC, Canada; and Skien, Norway – February 6, 2019 – Corvus Energy Holding AS, the world-leading supplier of Energy Storage Systems (ESS) to the maritime industry, has signed an agreement to acquire all shares in Grenland Energy AS. Grenland Energy, located in Skien, Norway in the heart of the Grenland region, develops and manufactures lightweight lithium-ion batteries for the maritime, offshore and subsea industry.
Corvus recognized synergies “We knew that Grenland Energy had technology that would accelerate our long-term strategy by complementing and strengthening our product portfolio,” says 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.”
Perfect timing “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,” Bjørkeli continues.
Complete supplier 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.
Build on strengths 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 remarks: “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.”
Unique range of products “Corvus Energy’s commitment to quality and safety was key in our decision. We share the same passion for overcoming technical challenges, to drive innovation and provide better and more sustainable solutions,” says Roman Stoiber, CEO at Grenland Energy. “We are pleased that Corvus Energy will enable unprecedented access for our technology to markets and opportunities. Our combined range of products and services will be unique in today’s maritime industry, and offer significant advantages to our customers. Furthermore, Corvus’ commitment to further strengthen today’s Grenland team was important to us,” Stoiber states.
A growing demand “We are eager to have products and knowhow to help serve a wider range of maritime applications,” says Sean Puchalski, EVP of Strategy and Business Planning at Corvus Energy. “We see a growing demand for a lightweight ESS in high-speed vessels, as well as subsea applications, for which the Grenland Energy product design is ideally suited.”
Fully integrated 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.