Corvus Energy Succeeds, Where U.S. Energy Startups Failed

By Money Times

Nov 18, 2015 06:44 AM EST

Corvus Energy, Canadian lithium-ion battery company has successfully made it to top three in Deloitte Technology Fast 500 ranking. Recently, Statoil, Norwegian largest offshore oil and gas company also invest in Corvus battery technology. 

Technology Fast 500 is a list of the fastest growing companies in  technology, media, communications, life sciences and energy in North America. The company, based in Richmond, British-Columbia recorded a 16,943 percent growth in revenue, the highest in its energy companies category. Corvus Energy lead with a huge gap from the other eighteen energy companies that made the list. The second company on the list, Greensmith, only achieve 3,209% growth. 

Forbes reported vast majority of Corvus Energy's revenues appear to have been generated by sales of battery systems to customers in the marine industry. Forbes also reported that Corvus Energy claimed to be a supplier to more more than 90% of energy storage systems used by large commercial hybrid vessels. Hybrid electric ships can save as much as 25% on fuel costs. Corvus Energy has also proven its technology as efficient battery for MF Ampere, the world's first electric ferry, started to operate in Norway since last year.

According to CBC News, lithium-ion technology from Corvus Energy are currently being used in 35 ships across Northern Europe. As for its home country, the batteries will also be used in vessels on Canada's West Coast. Sea Span marine service companies has signed off for two hybrid cargo ferries. BC Ferries, the largest ferry services in coastal and island of British Columbia, is also in consideration to implement the technology in their ferries. Corvus Energy recently received an investment from Statoil, Norway's largest offshore oil company.

Regarding Statoil investment, Richard Erskine, managing director of Statoil told Motorship, the Marine technology news service, "We are very pleased to invest in Corvus Energy, a recognised leader in large-scale energy storage systems for marine applications. Its products and unparalleled expertise give them a competitive advantage for expanding into the offshore sector." The tested and proven technology is a major strong point, as Corvus Energy's CEO Andrew Morgan proudly said, "Offshore supply vessels like the Viking Lady OSV and Edda Ferd PSV that employ the Corvus ESS are field-tested and proven to meet and exceed performance and safety expectations.

Corvus Energy has made the progress in which U.S. companies like Tesla has failed to deliver. In its sixth years of operation, Corvus Energy has made enormous advancement and deliver its lithium-ion battery to provide energy and power to marine industry. Thus, reducing fuel cost in marine industry as well as reducing emission.

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