Japanese conglomerate Toyota has taken a stake in Norwegian maritime energy firm Corvus.
Toyota, best known for its car brand, has had a joint venture with Corvus since 2021, working on a hydrogen fuel cell for the maritime sector.
Corvus’ main products are maritime battery systems, but as energy storage in the industry has evolved, it has been recognised that batteries and fuel cells are a preferable combination in decarbonising many midsize, shortsea or coastal vessel types.
The Toyota investment comes via its growth fund, Woven Capital, making the group a joint owner of Corvus alongside existing owners including BW Group, Equinor Ventures, Hydro and Shell Ventures.
Nicole LeBlanc, partner at Woven Capital, said hydrogen remains a fast-growing sector and is pivotal in decarbonising shipping.
“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,” she said.
For its part, Corvus has alluded to an expansion in the Asian market.
“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,” said chief financial officer Mette Rokne Hanestad.
