Toyota Invests in Norwegian Maritime Energy Firm Corvus to Boost Battery and Fuel Cell Businesses
Japanese conglomerate Toyota has acquired a stake in the Norwegian maritime energy company, Corvus, as part of its strategy to support the growth of battery and fuel cell businesses. Toyota has been collaborating with Corvus since 2021 on developing a hydrogen fuel cell for the maritime sector. Corvus specializes in maritime battery systems, and as the industry recognizes the benefits of combining batteries and fuel cells for decarbonization, this investment aligns with evolving energy storage needs. The investment comes through Toyota's growth fund, Woven Capital, making Toyota a joint owner of Corvus alongside existing investors like BW Group, Equinor Ventures, Hydro, and Shell Ventures.
Nicole LeBlanc, a partner at Woven Capital, emphasized the significance of hydrogen in decarbonizing shipping and expressed confidence in Corvus' potential to lead the zero-emission maritime market. Corvus, in turn, hinted at expanding its presence in the Asian market with the support of new key partners. The collaboration aims to strengthen Corvus's position in the rapidly growing clean energy maritime sector.
The maritime industry is witnessing a shift towards cleaner and more sustainable technologies, with major players committing to clean energy solutions. The strategic investment by Toyota is expected to facilitate Corvus in expanding its solutions and market reach, contributing to the industry's transition toward zero-emission alternatives.
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