Woven Capital, Toyota’s growth fund, has invested in Corvus Energy to accelerate the development of its growing product portfolio in battery storage and hydrogen fuel cells and to support expansion into new geographies.
Corvus and Toyota have collaborated since 2021 to develop safer and more advanced marine fuel cell systems. Corvus has engaged in more than 1,000 projects so far, and says that more than 50% of the world’s vessels with zero-emission technology now run on Corvus systems. This investment is expected to provide Corvus with even fuller access to Toyota’s expertise in both fuel cells and battery technology, strengthening Corvus’s ability to bring innovations to the industry. Woven Capital invested alongside BW Group, Equinor Ventures, Hydro and Shell Ventures.
“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,” said Nicole LeBlanc, partner at Woven Capital. “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.”
“We are very excited about this strategic investment from Woven Capital, which validates our leading position in a fast-growing market,” said Mette Rokne Hanestad, chief financial officer (CFO) of Corvus Energy. “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.”
Read more of the latest battery technology updates from the electric and hybrid marine technology, here.
