Norwegian aluminum supplier Hydro acquires ownership stake in Corvus EnergyCompany News // November 29, 2017
Corvus Energy has finalized an investment with Norwegian aluminum supplier Hydro. Through the private placement, Hydro purchased 25.9% of the shares in Corvus Energy which is jointly held by BW Group, Statoil Technology Invest and investors affiliated with El Cuervo Holdings Limited Partnership.
“Corvus is extremely pleased to have Hydro join our ownership team”, says Willie Wagen, Global VP of Sales & Marketing. "The experience and financial support of Hydro will enable Corvus to scale our operations and accelerate our market penetration even further.”
Established in 1905, Hydro is one of the world’s largest fully integrated aluminum companies, with over 35,000 employees, and operations in 40 countries on all continents.
Hydro was attracted to Corvus not only for the commercial viability of the technology as the adoption of battery power for all-electric and hybrid marine applications increases, but also in consideration of their own future power needs. Based in Norway and rooted in more than a century of experience in renewable energy, technology and innovation, Hydro is committed to strengthening the viability of its customers and communities, shaping a sustainable future through innovative aluminum solutions.
“We see that energy storage and battery solutions are an increasingly important part of the future of energy systems, and as a significant energy player-both as a power producer and consumer of energy-we want Hydro to be developing this industry further," said Executive Vice President for energy and business development at Hydro, Arvid Moss.