Aiming to revolutionise green shipping with hydrogen and batteries
Major developments are under way in both battery and hydrogen technology in the maritime sector, but both solutions have limitations. Electric vessels face challenges related to range and charging infrastructure, while pure hydrogen solutions are constrained by low production volumes, high operating costs and short service lives.
Corvus Energy has spent twelve years developing dedicated battery systems for maritime use and is now the world's largest supplier of maritime battery systems. With our support, the company has launched a project combining hydrogen and battery power in partnership with ship design company LMG Marin and a consortium comprising Equinor, Norled, Wilhelmsen, NCE Maritime CleanTech and the University of South-Eastern Norway.
NOK 50 million grant
‘This technology could be part of the solution for achieving the EU’s target of net-zero emissions by 2050, and aligns well with the government’s action plan for green shipping,’ says Sandra Vespestad, financing adviser at our Vestland office.
The environmental technology grant awarded to this project exceeds NOK 50 million, making it the largest grant we awarded in Vestland in 2020. According to Vespestad, this demonstrates strong confidence that the project can create value for Norway through increased export potential and new jobs.
Having us on board is essential
'To meet the challenge of the green transition in the maritime sector, we need to reduce the cost of fuel cells, make the technology more accessible and increase market capacity,' says Vespestad.
Corvus Energy's business strategy for battery products is to leverage the economies of scale offered by automotive and land-based battery cells, which Corvus adapts for maritime use. The company will apply the same core expertise to developing hydrogen fuel cells.
Rather than developing its own maritime fuel cells from scratch, which is one of the factors that makes maritime fuel cell systems less cost-effective, Corvus Energy will purchase mass-produced fuel cell modules for automotive and land-based applications from Toyota and adapt them for maritime use.
The fuel cells will also be integrated with batteries, which will reduce the load on the fuel cells and optimise their use. LMG Marin will ensure that the system works across a wide range of vessel designs.
'Having Innovation Norway on board was essential. I am delighted that others saw the potential in this, and I believe it could become something significant,' says Torbjørn Bringedal, CEO of LMG Marin.
Aiming to become a world leader
Corvus Energy aims to achieve the same position in maritime fuel cells as it has in maritime battery products, becoming a global leader in the field.
'If the project succeeds, it will strengthen Norwegian businesses in the global race to provide zero-emission technology for the shipping industry and the maritime environmental technology sector. The project partners have world-leading expertise in developing and operating energy-efficient solutions for maritime transport,' says Vespestad.
Corvus Energy will now restructure its operations to assign 20 roles to fuel cell development. The company will also establish its own large-scale production line. In addition, LMG Marin will assign three designers to the project, while the entire consortium will contribute expertise in their respective fields.
Not possible without us
'Through several successful projects, both Corvus Energy and LMG Marin have shown that they can think differently and are willing to invest time and resources in innovation and development,' says Vespestad.
The project will run for three years, by which time the first product will be ready. However, Project Director Kristian Holmefjord makes it clear that this would not have been possible without our support.
'Because it will still take time for hydrogen to become cost-effective compared with other types of fuel, the investment carries a high level of risk and would have been difficult to justify on purely financial grounds without the support,' says Holmefjord.
‘We would not be where we are today without Innovation Norway,’ he says.
Read more about how Corvus presents its solution to international audiences on Business Norway.