LAGOS, NIGERIA AND RICHMOND, B.C., CANADA — January 29, 2013 — Vancouver-based Corvus Energy Ltd (“Corvus Energy”), manufacturer of advanced and energy dense lithium polymer batteries, has entered into a joint venture partnership with Green Park Management Limited (“Green Park”), a Nigeria-based energy and infrastructure firm, to form Corvus Energy Africa Ltd. The new company will manufacture Corvus’ advanced batteries in Lagos and provide reliable power solutions in Africa, starting with Nigeria, Africa’s most populous nation with 160 million people.
The joint venture addresses the need for reliable power solutions in a region where insufficient power supply negatively impacts business productivity and reduces living standards.
“Supplementing the national power infrastructure to deliver 24-hour connectivity with a non-grid source of power that is high-quality, reliable, economical and eco-friendly, provides a compelling opportunity for Corvus Energy to enter the African market,” said Corvus Energy’s CEO Brent Perry. “What works in Nigeria is demonstrative of how our technology will work in other off-grid applications around the world.”
In Nigeria, there is a significant gap in the supply of electricity with current generation of under 5,000MW and demand of 11,500MW, which is expected to grow to 29,500MW by 2015. To meet this shortfall, Nigerians rely on diesel-generated power with millions of generators installed to supply power for homes and businesses.
Through the joint venture, Nigerian engineers will be trained at Corvus Energy’s headquarters in Richmond, British Columbia early in 2013 before setting up a local manufacturing facility in Nigeria in late 2013, employing up to 35 employees.
Site trials will commence this spring with demo sites deployed at a major gasoline retailer, operating over 500 filling stations across Nigeria, and a residential application. The customers expect to reduce diesel consumption to achieve an estimated payback of between two and five years, while increasing power reliability.
Corvus Energy Africa Ltd. will expand sales and marketing, with Corvus Energy’s flagship energy storage solution being commissioned in a variety of applications including telecommunications, commercial applications such as retail outlets, hospitals, offices, and residences. Corvus Energy’s patented high-performance lithium polymer batteries will safely provide reliable power for up to ten years.
In addition, reducing power costs in this competitive market will allow businesses in Nigeria provide more economical services, in more locations; increasing benefits to the economy, while improving quality of life by reducing noise and greenhouse gas emissions.
“We are extremely excited to work with Corvus Energy to introduce an innovative and sustainable power solution product to the Nigerian market,” said Olu Ogunfowora, Director of Green Park Management Limited. “This partnership will allow us to grow the nascent energy storage solution market significantly in Nigeria and help satisfy our country’s needs for sustainable and reliable power.”
Corvus Energy has working alliances with Alpha Technologies and OutBack Power to present a complete one-stop customer solution to Corvus Energy Africa Ltd. Alpha and OutBack, members of the Alpha Group, will provide inverters and switch gear for the Nigerian energy storage solution.
About Green Park
Green Park is a Nigeria based energy and infrastructure investment company, which was formed to provide integrated energy solutions in the Nigerian market with a focus on clean and efficient technologies. The principals of Àrgentil Capital Partners Limited (“Àrgentil”) are the sponsors of Green Park. Àrgentil is a Nigeria based energy and infrastructure advisory firm, established in 2002, which provides integrated Investment Banking, Acquisition & Divestitures and Capital Market services with a focus on the Sub-Saharan region.
About Corvus Energy
Corvus Energy, based in Richmond, B.C., Canada, provides industrial-sized power in a compact, modular lithium-ion battery system to commercial marine, transportation, ports machinery, remote community, off grid and grid connected energy markets. Its revolutionary battery packs have the capacity to output sustained power comparable to diesel engines in hybrid and full-electric vessels and vehicles. For more information, please visit www.corvus-energy.com.
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Media Contact:
Maria LoScerbo
maria@epicpr.ca
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