Grieg Edge explores opportunities in green financing

Mar 25, 2021 | News, Ocean Ventures

solar panels and wind turbine on a snowy field

Grieg Edge partners with Viridis Kapital to offer financing to green maritime business initiatives.

Viridis Kapital is a Norwegian leasing provider offering a global financing product for the “Green” industry. The company specialises in the financing of capital-intensive equipment that is contributing to the green transformation.

Examples include:

  • Battery storage systems.
  • Equipment for hydroelectric power plants.
  • Certain types of solar panels and hydrogen-related assets.

Norwegian trio Paal Utvik, Ulrik Engelschiøn and Anders Schau, all with significant experience in leasing financing of ships and aircraft, identified the opportunity and presented it to Grieg Edge late last year. 

Grieg Edge now enters as a joint owner and the industry partner of the company and, in doing so, further strengthens the company’s position. 

“Viridis Kapital offers a service we see as a good fit for our portfolio. They acknowledge the challenge many companies within maritime industries face: access to equity,” says CTO of Grieg Edge, Jan Øivind Svardal, who enters the Board of Directors of Viridis Kapital. 

“Traditional bank financing requires a significant upfront equity commitment. A leasing solution is tailor-made to fit the operating cash flow in your business. It helps you optimise the use of your capital. Our solution is not complicated. It’s as simple as it gets. Let us purchase the equipment for you while you enjoy the use of it and eventually end up owning it,” says Paal Utvik of Viridis Kapital.

The first equipment supplier to officially cooperate with Viridis is maritime battery and hydrogen fuel cell innovator Corvus Energy. 

 “Viridis Kapital is very proud to work with one of the maritime industry’s technology leaders in emissions reduction and energy optimisation. For each Corvus installation, where we can be one of the enablers. The direct result is a significant and immediate reduction in CO2 emissions,” says Ulrik Engelschiøn, Chairman of Viridis Kapital.

Viridis Kapital

Viridis Kapital is a leasing provider who specialises in the financing of capital intensive equipment which is contributing to the green transformation.

Corvus Energy

Founded in 2009, Corvus Energy provides purpose-engineered energy storage solutions for marine, oil & gas and port applications. By being the first company to provide a maritime battery with the needed capacity, lowered cost and safety level, Corvus Energy became pioneers on maritime energy storage systems (ESSs) for almost every vessel type breaking the ground for future development. Corvus Energy now has the largest installed base of ESSs with the largest number of projects completed in the maritime industry.