Norwegian-based maritime zero-emission energy solution provider Corvus Energy has secured an investment from Toyota’s growth fund Woven Capital in order to accelerate the development of its growing product portfolio in battery storage and hydrogen fuel cells, and to support expansion into new geographies.
Woven Capital invests in Corvus Energy alongside with the leading strategic investors including BW Group, Equinor Ventures, Hydro and Shell Ventures.
It was also mentioned that Corvus and Toyota have collaborated since 2021 to develop safer and more advanced marine fuel cell systems in the industry. Corvus informs that it has engaged in more than 1000 projects so far, and more than 50 percent of the world’s vessels with zero-emission technology now run on Corvus systems.
This investment by Woven Capital will provide Corvus with even fuller access to Toyota’s cutting-edge expertise in both fuel cells and battery technology, strengthening Corvus’s ability to bring innovations to a rapidly evolving industry, as the company says.
Nicole LeBlanc, partner at Woven Capital, said that “Hydrogen is a fast-growing sector with established applications in many industries and is playing a pivotal part in decarbonizing shipping, energy, transportation and heavy industry.”
“With major maritime players embracing clean energy commitments and technologies, the market is growing rapidly. Our investment and strategic support are well-positioned to help Corvus expand its reach and solutions to continue leading the zero-emission maritime market,” she added.
Mette Rokne Hanestad, CFO of Corvus Energy, noted that “We are very excited about this strategic investment from Woven Capital, which validates our leading position in a fast-growing market.”
“Woven Capital and Toyota will bring valuable expertise from green mobility, in both fuel cells and batteries. With new key partners, we are strengthening our Asian presence which will be one of the most important markets going forward. Having strong and active owners will continue to be important for our future success. Woven Capital makes the shareholder group even stronger,” he added.
