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Incap signs partnership contract with Corvus Energy

Incap Corporation     
Stock Exchange Release                                       15 November 2018 at 3.15 p.m. (EET)

INCAP SIGNS PARTNERSHIP CONTRACT WITH CORVUS ENERGY

Incap has signed a manufacturing services partnership contract with Corvus Energy, the leading provider of the world's most advanced maritime energy storage systems. According to the contract, Incap will act as the preferred supplier manufacturing for the new product lines of Corvus.

The manufacture and assembly of the products will take place in Incap's factory in Kuressaare, Estonia.  Incap has already made the pre-production series and finalized the design for manufacture in house, and launched the actual mass production. The partnership contract is of great importance to Incap, as it is estimated to bring additional revenue of over EUR 5 million annually. The cooperation with Corvus fits well with Incap's prevailing strategic focus on energy and industrial electronics.

Corvus Energy provides high power energy storage in the form of modular lithium ion battery systems. Its purpose-built, field-proven battery systems provide sustained power to hybrid and fully electric heavy industrial equipment, including large marine propulsion drives. Corvus Energy was established in Canada with its head office, sales, product R&D, design and engineering, and production facilities in Vancouver, Canada. The company also has operations in Norway with sales, service and marketing activities in Bergen. The company's investors include Equinor Technology Ventures and Norsk Hydro of Norway, and BW Group of Singapore.

As the leading manufacturer of energy storage systems for maritime applications, Corvus offers the innovative Orca Energy Storage Systems (ESS) solutions portfolio and has unsurpassed experience from more than 140 projects, totaling over 100MWh and 2 million operating hours. The company's battery systems have low maintenance costs and they enable reduced fuel consumption and emissions. More than 90% of large commercial hybrid vessels utilize Corvus energy storage systems.

Otto Richard Pukk, President and CEO of Incap Corporation states that partnership with Corvus Energy has significant impact on the whole company, as it enables Incap to expand the business of electronics manufacturing services for maritime industries. "We are happy to contribute to the production of Energy Storage Systems for green innovative ferries, which are equipped with Corvus Energy's advanced electronics," Pukk explains.

Geir Bjørkeli, CEO of Corvus Energy: "As we are developing our production in Norway, we are happy to state that we have found a partner in Europe that can co-operate with us and offer high-quality solutions for markets near Scandinavia. This partnership has a really high value for us, as it enables us to develop further our state-of-the-art battery systems offering a variety of benefits to our customers."

INCAP CORPORATION

Further information:
Otto Pukk, President and CEO of Incap Corporation, tel. +372 508 0798

DISTRIBUTION
Nasdaq Helsinki Ltd.
Major media
www.incapcorp.com

INCAP IN BRIEF
Incap Corporation is an international contract manufacturer. Incap's customers are leading suppliers of high-technology equipment in their own business segments, and Incap increases their competitiveness as a strategic partner. Incap has operations in Finland, Estonia, India and Hong Kong, and the company currently employs approximately 720 people. Incap's share is listed on the Nasdaq Helsinki Ltd. as from 1997. Additional information: www.incapcorp.com.

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