Novel battery designs and digital transformation will enhance Corvus Energy’s leadership in energy storage systems (ESS)

Vancouver, Canada and Bergen, Norway - December 11, 2019 - Corvus Energy is pleased to announce that it will receive funding of up to $6 million from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) supporting a research and development project to create the next generation of energy storage and digitalization technologies for marine vessels.

The multi-year R&D project will be undertaken in Corvus Energy's main research, engineering and product development centre in Richmond, British Columbia, Canada.

"Funding from NRC IRAP and other Canadian government programs has been instrumental for Corvus, not only in assisting our product development over the years, but also in opening new markets and helping us attract our investment partners," says Sean Puchalski, EVP of Strategy & Business Planning for Corvus Energy. "We have grown to be one of Canada's leading clean tech companies with expertise recognized throughout the global marine industry. We are immensely thankful for the financial assistance from the Government of Canada."

"With decarbonization efforts intensifying globally, Corvus continues investing in innovative products and services to remain at the forefront of evolving energy conservation and emissions reduction practices in the marine industry," says Geir Bjørkeli, CEO of Corvus Energy. "As our operations and customer base grow around the world, we discover seemingly limitless opportunities for energy storage, underlining the growing importance of continuing to develop our R&D, digitalization and commercialization expertise, in Canada and throughout our organization."

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About Corvus Energy
Corvus Energy is the leading supplier of energy storage systems (ESS) for maritime, offshore, subsea and port applications. Corvus Energy offers a full portfolio of ESS suitable for almost every vessel type, providing high power energy storage in the form of modular lithium ion battery systems. The purpose-built, field-proven battery systems provide sustained power to hybrid and all-electric heavy industrial equipment, including large marine propulsion drives. Corvus Energy has unsurpassed experience from 250+ projects, totaling over 230MWh and more than two million operating hours.
For more information, please visit www.corvusenergy.com