Corvus attracts strategic Toyota investment

The investment from Woven Capital, Toyota’s growth fund, will also support expansion into new geographies.

“Hydrogen is a fast-growing sector with established applications in many industries and is playing a pivotal part in decarbonising 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.”

Strategic investment

The combined force of Woven Capital and Toyota will bring valuable expertise from green mobility, in both fuel cells and batteries.

“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, CFO of Corvus Energy.

”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 already have an established working relationship having collaborated since 2021 to develop safer and more advanced marine fuel cell systems.

This new 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.

Woven Capital invests alongside leading strategic investors including BW Group, Equinor Ventures, Hydro and Shell Ventures.