Wednesday, January 19, 2022
Maritime Propulsion

September 15, 2021

Marine Battery Firm Corvus Plans 4Q IPO

File Image - Credit: Corvus Energy

Marine battery maker Corvus plans an initial public offer (IPO) in the fourth quarter, aiming to list its shares on the Oslo Stock Exchange, its top executive said on Wednesday.

The company, which assembles battery cells into giant batteries for ships such as ferries, cruise vessels, tug boats, [and offshore support vessels] expects the global market for such solutions to be worth $10 billion in 2030.

"We see that already ... the backlog is three times what it was a year ago," Chief Executive Geir Bjoerkeli told an energy conference.

"To take that growth, the company has planned for an IPO on the main list on the Oslo stock exchange for the Q4 this year," he added.

The company's biggest owner is BW Group with 21.8%, while Norsk Hydro has 20.8%, Equinor 15.6% and Shell 14.5%. 

(Reporting by Victoria Klesty, editing by Terje Solsvik)