Toyota’s growth fund invests in Corvus Energy to boost hydrogen fuel cell development

Corvus Energy, a supplier of zero-emissions energy solutions or maritime, offshore, and port applications, has secured an investment from Woven Capital, Toyota’s growth fund, to speed up the development of its battery storage and hydrogen fuel cells and expand its geographical footprint.

Corvus Pelican Fuel Cell System. Courtesy of Corvus Energy

Corvus and Toyota have collaborated since 2021 to develop safer and more advanced marine fuel cell systems in the industry and the new investment will provide Corvus with even fuller access to Toyota’s expertise in both fuel cells and battery technology, the company said.

With this investment, Woven Capital will join Corvus’ leading strategic investors including BW Group, Equinor Ventures, Hydro and Shell Ventures.

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“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.”

Mette Rokne Hanestad, CFO of Corvus Energy, added: “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.”

According to Corvus, the company has engaged in more than 1,000 projects so far, and more than 50% of the world’s vessels with zero-emission technology now run on Corvus systems.

As part of the project titled APOLO, Corvus was recently awarded EU funding for the integration of ammonia cracker technology with its hydrogen fuel cell system, the so-called Pelican Fuel Cell system.

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