ENERGY STORAGE

Corvus Energy secures investment from Toyota’s Woven Capital to grow storage portfolio

January 22, 2024

Norway-based Corvus Energy has secured investment from Woven Capital, Toyota’s growth fund, to grow its battery storage and hydrogen fuel cells product portfolio, and to support the expansion of the company.

Woven Capital joins other strategic investors including BW Group, Equinor Ventures, Hydro and Shell Ventures.

The investment will provide Corvus with access to Toyota’s expertise in both fuel cells and battery technology.

Nicole LeBlanc, partner at Woven Capital, said: “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. 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 Hanesta, CFO of Corvus Energy, said: “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.”