Corvus Energy receives a financial boost

2024-01-29T17:41:31+00:00 January 29th, 2024|Finance|

Toyota’s wealth fund, Woven Capital, has made an investment in Corvus Energy, a provider of energy storage systems for zero-emission maritime applications, including small cruise ships and ferries.

The investment marks a significant step in the journey toward achieving zero-emission shipping, aligning with Toyota’s commitment to a greener, more sustainable future and building the hydrogen economy, the company claimed.

Toyota has been investing in hydrogen fuel cell R&D since the 1990’s and believed that the maritime ecosystem is poised to accelerate adoption of hydrogen as a crucial fuel in the broader quest for zero-emission transportation.

Woven Capital’s investment in Corvus Energy’s Series B round builds on an existing partnership between Corvus and Toyota Motor Europe that began in 2020.

Since then, Corvus and Toyota have collaborated to develop safer and more advanced hydrogen fuel cell systems for vessels, ports and offshore applications.

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

This investment will provide Corvus with greater access to Toyota’s expertise in hydrogen, fuel cell and battery technology, strengthening its ability to reliably scale innovations for a rapidly evolving industry.

Hydrogen is emerging as a versatile and sustainable energy source. It can be produced through renewable sources, stored efficiently and deployed as a clean energy source to power ships.

Because it is energy dense, hydrogen is well suited to support the maritime industry, where electrification would often require large batteries in space-constrained vessels to support longer voyages.

While the hydrogen ecosystem is in its early days, the sector has attracted large investments and attention in recent years as a way to de-carbonise industries, such as shipping.