The Japanese car manufacturer Toyota’s growth fund is jointly investing in the battery and fuel cell manufacturer Corvus Energy to expand the zero-emission energy supply and maritime industry.
The investment by Toyota’s growth fund Woven Capital is intended to accelerate Corvus Energy’s development of its growing product portfolio in the areas of battery storage and hydrogen fuel cells for shipping. The expansion into new regions is also to be supported. In addition to Woven Capital, the battery manufacturer has already attracted strategic investors such as BW Group, Equinor Ventures, Hydro and Shell Ventures. [ds_preview]
“Hydrogen is a fast-growing sector with established applications in many industries and plays a critical role in the decarbonization of shipping, energy, transportation and heavy industry,” said Nicole LeBlanc, Partner at Woven Capital. “With major players in shipping committing to clean energy and technology, the market is growing rapidly. Our investment and strategic support are well positioned to help Corvus expand its reach and solutions to continue to be a leader in the zero-emission maritime market.”
The amount of Toyota’s investment in the company, which was founded in Canada and has been based in Norway since 2018, has not yet been disclosed.
Partnership with Toyota strengthens Corvus’ presence in Asia
“We are very pleased with this strategic investment from Woven Capital, which confirms our leading position in a fast-growing market,” said Mette Rokne Hanestad, CFO of Corvus Energy. “Woven Capital and Toyota bring valuable know-how from the field of green mobility, both in fuel cells and batteries. With the new key partners, we strengthen our presence in Asia, one of the most important markets of the future. Having strong and active owners will continue to be important for our success in the future. Woven Capital makes the shareholder group even stronger.”
Corvus and Toyota have been working together since 2021 to develop safer and more advanced fuel cell systems for marine applications. The “Pelican” system was presented for the first time in 2023 and is said to be the “safest maritime fuel cell system to date”. It is based on Toyota’s fuel cell technology, which is used in more than 20,000 cars. The modular and flexible system is designed to be inherently gas safe, meaning that the surrounding engine room is considered gas safe under all conditions. This significantly reduces the requirements for safety support systems and ventilation, allowing for more efficient integration of the FCS into the hull, it says.
