- Shell made this investment as a step forward toward its aim of reducing carbon footprints.
- The technique would lower vessel emissions and result in reduced fuel and maintenance cost.
Shell Ventures has purchased an undisclosed stake in Corvus Energy, a supplier and developer of lithium-ion battery energy storage solutions (ESS).
Corvus has provided ESSs to lower fuel usage and emissions for over 30 offshores subsea application, support vessels, etc.
Investment Director at Shell Ventures, Kirk Coburn stated that energy sector has been experiencing a great transition with growing interest of the sector towards renewable electrification and energy generation. Coburn added that present zero-emissions and hybrid projects have proved that potential of lowering cost and cutting emissions is considerable and Shell would take advantage of this in company’s offshore operations.
Shell made this investment as a step forward toward the aim of reducing carbon footprints of its energy products approximately by 20% by 2035 & 50% by the end of 2050.
Geir Bjørkeli, Corvus Chief Executive Officer stated that having shell as an investor would let Corvus address a larger market and implement the company’s technology to more platforms and rigs and continue offshore vessels hybridization.
Bjørkeli added that working with giant energy companies like Equinor and Shell, Corvus could understand their requirements and develop tailormade solutions by the type of vessels. The vessels that are used in DP operations are specifically well suited for ESS installations to change generators for backup.
The technique would lower vessel emissions and result in reduced fuel and maintenance cost.
No specific value has been disclosed about the investment, but it was mentioned as ‘major’ in a press release. Exact stake size is not known but it will be less than 20% and would be comparable to stakes of other large investors in the Corvus, that include Norsk Hydro, BW Group, and Equinor.