Energy storage systems (ESS) supplier Corvus Energy has signed an agreement to acquire Norway’s Grenland Energy for an undisclosed sum.

Grenland develops and manufactures lightweight lithium-ion batteries for the maritime, offshore and subsea industry.

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The acquisition will add lightweight and subsea batteries to Corvus Energy’s existing portfolio of large-scale maritime ESSs.

The company will become a complete supplier of batteries for a range of seaborne applications.

Corvus Energy CEO Geir Bjørkeli: “We knew that Grenland Energy had technology that would accelerate our long-term strategy by complementing and strengthening our product portfolio.

“The market for battery storage is increasing rapidly. It is the perfect time to combine resources, competencies and technologies with an optimised global footprint.”

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Following the acquisition, existing Grenland operations will continue and customers will benefit from Corvus Energy’s global sales and service capabilities.

Once the acquisition closes, Grenland’s business will be completely integrated with Corvus Norway operations.

“It is the perfect time to combine resources, competencies and technologies with an optimised global footprint.”

The Grenland office will also continue and expand its current operation in this region.

Corvus Energy Strategy and Business Planning executive vice-president Sean Puchalski said: “We are eager to have products and know-how to help serve a wider range of maritime applications.

“We see a growing demand for a lightweight ESS in high-speed vessels as well as subsea applications, for which the Grenland Energy product design is ideally suited.”

Last month, Corvus Energy secured a contract from Norwegian Electric Systems (NES) to provide lithium-ion battery-based ESSs for five new electric ferries to be operated by Norway’s Fjord1.