Toyota’s Woven Capital Invests in Corvus Energy to Expand Zero-Emissions Energy and International Reach for Maritime Industry

BERGEN, Norway, January 19, 2024 
— Corvus Energy, the world leader in zero-emissions energy solutions for maritime, offshore and port applications, announced today it has secured an investment from Woven Capital, Toyota’s growth fund, 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 alongside leading strategic investors including 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 CFO of Corvus Energy, Mette Rokne Hanestad. “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.”

Corvus and Toyota have collaborated since 2021 to develop safer and more advanced marine fuel cell systems in the industry. Corvus 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 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.

About Corvus Energy
Corvus Energy is the leading supplier of zero-emission solutions for maritime, offshore and port applications. Corvus Energy offers a full portfolio of energy storage and fuel cell systems, suitable for almost every vessel type, providing power systems in the form of modular lithium-ion battery systems and Hydrogen PEM fuel cell systems. Corvus Energy has unsurpassed experience from more than 1000 projects. More than 50% of the world`s vessels with zero-emission technology are equipped with Corvus Energy systems.


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