Canadian supplier of marine propulsion and Energy Storage Systems (ESS) Corvus Energy has signed an acquisition agreement to buy all shares in Grenland Energy. Based in Skien, Norway, Grenland develop and produce lightweight lithium-ion batteries for offshore, maritime and subsea industries.
“We knew that Grenland Energy had technology that would accelerate our long-term strategy by complementing and strengthening our product portfolio,” said Corvus Energy CEO Geir Bjørkeli. “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 optimised global footprint. We are eager to join forces with innovative companies such as Grenland Energy to offer extended and more specialised solutions and services,” Bjørkeli continued.
Corvus acquires Grenland
Geir Bjørkeli (left), CEO of Corvus Energy and Roman Stoiber, CEO at Grenland Energy. Image: Corvus energy
The acquisition expands Corvus' existing portfolio of large-scale maritime ESSs into lightweight and subsea batteries, strengthening the company's position in as a seaborne battery supplier.
Grenland Energy's current operations will continue as before, and both companies' customers are set to benefit from the merger. The Grenland office in Skien will continue in its current location and Grenland shareholders will continue as Corvus Energy shareholders. Bjørkeli added: “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.”
“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,” said Grenland Energy CEO Roman Stoiber. “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.”
“We are eager to have products and knowhow to help serve a wider range of maritime applications,” said 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.”
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