Morgan Stanley Backs Corvus Energy to Decarbonize Maritime Sector – ESG Today

Morgan Stanley Funding Administration (MSIM) introduced that it has led a $60 million progress capital fundraise for maritime sector-focused low-carbon Vitality Storage Programs (ESS) options supplier Corvus Vitality.

MSIM’s funding was made by way of 1GT, the agency’s non-public local weather fairness technique concentrating on the elimination of 1 gigaton of CO2 emissions by 2050. Extra buyers taking part within the spherical included Simply Local weather and J. Lauritzen.

Based in 2009, Norway-based Corvus Vitality offers superior zero-emission options for maritime, offshore and port functions, together with methods to energy vessels starting from ferries and offshore service vessels to cruise liners. The corporate’s portfolio contains vitality storage and gas cell methods offering energy methods within the type of modular lithium-ion battery methods and Hydrogen PEM gas cell methods.

To this point, Corvus Vitality has delivered over 1,300 hybrid or all-electric ESS installations worldwide, representing 1,300 MWh of put in capability and multiple million working hours, supplying greater than half of the world’s zero-emission vessels.

The corporate stated that its options have averted an estimated 11 million tonnes of CO2 thus far.

Vikram Raju, MSIM’s Head of Local weather Personal Fairness Investing and 1GT, stated:

“Corvus Vitality is the worldwide market chief for a cause –their battery methods have an unmatched historical past of maritime security, innovation and industrial competitiveness. Maritime decarbonization is a core theme for 1GT and we’re honored to assist Corvus on this subsequent section of the Firm’s compelling story.”

Corvus Vitality stated that the brand new capital will allow it to speed up deployment of its options, broaden manufacturing capability, and proceed product innovation, contributing to the decarbonizing of the worldwide transport business.

Fredrik Witte, Chief Govt of Corvus Vitality, stated:

“We’re excited to welcome 1GT, Simply Local weather and J. Lauritzen as we strengthen our means to fulfill surging international demand for zero-emission options within the maritime house. Their assist affirms Corvus’s place because the market chief in maritime vitality storage and offers the capital and strategic assist we have to speed up progress globally.”