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Kitron: Corvus Energy enters Contract Manufacturing Agreement with Kitron

(2021-03-19) Corvus Energy has chosen Kitron as the manufacturing partner for the company’s battery management control systems. The value of the contract is NOK 100 million.

Production will take place at Kitron’s facility in Arendal, Norway. It will be done in 2021 and 2022, with an option for extension.

In addition to manufacturing of electronics modules, the contract also covers assistance towards Corvus Energy’s product redesign.

"With our expansive growth and the worldwide increasing interest in zero emission technology, it is important for us to have long term strategic and trusted suppliers. We are very pleased to sign this contract with Kitron as they are a highly capable and strong sourcing partner for Corvus," said Nils Valland, Senior Vice President Supply Chain at Corvus Energy.

Corvus Energy is the leading supplier of battery systems for marine, oil and gas and port applications. Its purpose-built, field-proven battery systems provide sustained power to hybrid and all-electric heavy industrial equipment, including large marine propulsion drives.  In addition, the company just announced plans to start development and production of maritime hydrogen fuel cell systems with Toyota as a partner and supplier of mass-produced fuel cell technology.

"We’re excited to be able to support Corvus Energy in its push to transform the maritime industry to an emission-free future powered by batteries and fuel cells. This fits perfectly with Kitron’s strategy of pursuing growth opportunities within electrification, a megatrend that has just started and will fundamentally alter much of the technology we use for transportation and machinery," said Peter Nilsson, President and CEO of Kitron ASA.

For further information, please contact:
Peter Nilsson, President and CEO, tel. +47 948 40 850
Hans Petter Thomassen, Managing Director Kitron Norway, tel: +47 913 92 360
E-mail: investorrelations@kitron.com

Kitron is a leading Scandinavian electronics manufacturing services company for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors. The company is located in Norway, Sweden, Lithuania, Germany, Poland, China and the United States. Kitron had revenues of about NOK 4.0 billion in 2020 and has about 1 800 employees. www.kitron.com

This information is published in accordance with the requirements of the Oslo Børs Continuing Obligations for stock exchange listed companies



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