Norway-headquartered Corvus Energy, a supplier of lithium-ion battery storage and hydrogen PEM fuel cell systems to the maritime industry, has secured an investment from Toyota’s growth fund, Woven Capital. 

The funding will be used for product development and geographic expansion. Corvus’s other leading investors include BW Group, Equinor Ventures, Hydro and Shell Ventures.

More than half of the world`s vessels with zero-emission technology are equipped with Corvus Energy systems, according to the company. The investment will provide Corvus with more access to Toyota’s expertise in fuel cells and battery technology.

“Woven Capital and Toyota will bring valuable expertise from green mobility, in both fuel cells and batteries,” said Corvus Energy CFO Mette Rokne Hanestad. “With new key partners, we are strengthening our Asian presence, which will be one of the most important markets going forward.”

Source: Corvus