Hydra class hydrogen ferry Nesvik. Image via Westcon Shipyards

Electric Ship Battery Maker Announces IPO

John Konrad
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September 15, 2021

Marine battery manufacturer Corvus Energy plans an initial public offering (IPO) later this year on the Norwegian Stock Exchange, said the company’s CEO today.

Corvus builds giant batteries for ships such as ferries, cruise ships, and tug boats, and expects the global market for such solutions to be worth $10 billion by 2030.

“We already see huge growth,” said Corvus CEO Geir Bjoerkeli at an energy conference. “The backlog is three times what it was a year ago. To manage that growth, the company has planned for an IPO on the main list on the Oslo stock exchange for the Q4 this year.”

The announcement comes a week after Corvus shared the Ship of the Year award from Norweigan maritime publisher Skipsrevyen for its work on Hydra, the world’s first hydrogen ferry.

“Hydra shows that business and government can collaborate effectively to create climate-friendly innovations,” said Norway Minister of Transport Knut Arild Hareide. ”It also shows that the government’s investment in green ferries by stimulating low-emission and zero-emission ships is bearing fruit. Norway is at the forefront of this new technology.”

Designed by LMG Marin and powered by Corvus batteries, Hydra is a 269 ft (82m) double-ended ferry design-build by Westcon Shipyard for operation on Norway’s fjords. Hydra and her sister-ferry NESVIK were delivered to ferry operator Norled early this year.

Corvus Energy’s biggest owner is BW Group with 21.8%, while Norsk Hydro $NHYDY has 20.8%, Equinor $EQNR 15.6% and Shell 14.5%.

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