Export Development Canada has provided a $6.5 million contract financing credit facility to Corvus Energy Inc, a Canadian designer and maker of energy storage systems and lithium-ion battery solutions for hybrid and electric marine applications. The funds raised will allow the company to fulfill export contracts, primarily for hybrid ferries in Europe. Founded in 2009, Richmond, British Columbia-based Corvus has secured financing from Statoil Technology Invest, the venture capital arm of Norwegian energy company Statoil ASA, and Green Marine Capital.
EDC provides CAD 6.5M in financing to cleantech company Corvus Energy Inc. to grow its international business
OTTAWA, June 22, 2017 /CNW/ – Export Development Canada (EDC) today announced the closing of a CAD $6.5M contract financing credit facility for Richmond, BC-based Corvus Energy (Corvus) Inc.
Corvus designs, develops and manufactures energy storage systems (ESS) and lithium-ion battery solutions for hybrid and electric marine applications to help reduce fuel consumption and emissions. The financing will allow Corvus to fulfill various export contracts, primarily for hybrid ferries in Europe.
“The electrification of the maritime industry in Europe is accelerating and the award-winning Orca ESS from Corvus Energy is facilitating that transition”, says Andrew Morden, President and CEO of Corvus Energy. “This credit facility will allow Corvus to aggressively ramp up production to meet the growing demand for our technology which now leads the industry in project wins.”
One of EDC’s priorities is to support the global growth potential of Canadian cleantech companies. EDC has a dedicated team to focus on understanding the industry’s needs and delivering the right solutions to help Canadian cleantech companies start up and grow their business internationally.
“Cleantech is one of Canada’s fastest growing sectors and more than half of the industry’s revenues come from exports,” said Carl Burlock, Senior Vice President, Financing, EDC. “With 99 per cent of revenue coming from international contracts, Corvus is a great example of an innovative Canadian company responding to increasing global demand for clean energy technology. EDC is built to help businesses like this grow their sales into new markets.”
EDC is Canada’s leading provider of financing, insurance and bonding for Canadian companies of all sizes that do business outside of Canada.
“If your company works in cleantech and you’re interested in hearing more about expanding to markets outside of Canada, EDC is here to help you,” added Burlock.
About Corvus Energy
Corvus Energy provides high power energy storage in the form of modular lithium ion battery systems. Its purpose-built, field-proven battery systems provide sustained power to hybrid and fully electric heavy industrial equipment, including port equipment and large marine propulsion drives. For more information, please visit: www.corvusenergy.com.
EDC helps Canadian companies go, grow, and succeed in their international business. As a financial Crown corporation, EDC provides financing, insurance, bonding, trade knowledge, and matchmaking connections to help Canadian companies sell and invest abroad. EDC can also provide financial solutions to foreign buyers to facilitate and grow purchases from Canadian companies.
For more information about how we can help your company, call us at 1-888-434-8508 or visit www.edc.ca.
For further information: Media Contact: Sean Puchalski, VP Strategic Marketing and Accounts, (604) 227-0280 ext. 123, firstname.lastname@example.org; Spokesperson: Elise Dedekam, Export Development Canada, email@example.com, (613) 851-3076
Photo courtesy of Corvus Energy Inc