Woven Capital, the venture capital arm of Japanese car manufacturer Toyota, has invested in Norwegian marine battery producer Corvus Energy, allowing the auto company to join existing investors including BW Group, Equinor, Hydro and Shell.
With the investment, Corvus Energy will accelerate its development of batteries and hydrogen fuel cells, allowing the company to enter new regions. Corvus stated that the investment would give the company even greater access to Toyota’s expertise in both fuel cell and battery technology.
Nicole LeBlanc, partner at Woven Capital, stated that hydrogen is a promising and fast-growing sector and is crucial to the decarbonisation of shipping and other industries.
“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.”
Corvus, headed by Fredrik Witte, has been involved in more than 1,000 projects and claims that over 50 per cent of the world’s zero-emission technology ships are powered by its systems. Mette chief financial officer Rokne Hanestad stated that with Toyota joining, Corvus would strengthen its position in Asia, “which will be one of the most important markets going forward.”
Company’s former CEO, Geir Bjørkeli, claimed that batteries were becoming “somewhat impractical” in terms of volume, weight and price for long-distance use.
