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Woven Capital, a venture arm of Japanese carmaker Toyota, has invested in Norway-based marine battery maker Corvus Energy.
An undisclosed amount will see Toyota join existing investors, including BW Group, Equinor, Hydro and Shell, allowing the company to speed up the development of its battery storage and hydrogen fuel cells and expand into new regions.
The two companies have been working on the development of advanced marine fuel cell systems since 2021, and Corvus said the investment will provide the company with even fuller access to Toyota’s well-proven expertise in both fuel cells and battery technology.
Nicole LeBlanc, partner at Woven Capital, said that hydrogen is a fast-growing sector and is pivotal in decarbonising shipping and other industries.
“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,” LeBlanc added.
The Fredrik Witte-led Corvus has engaged in more than 1,000 projects so far and claims that more than 50% of the world’s vessels with zero-emission technology run on its systems.
The company’s chief of finance, Mette Rokne Hanestad, said that with Toyota onboard, Corvus is bolstering its footprint in Asia, “which will be one of the most important markets going forward”.
In last year’s Splash Extra deep dive on how far batteries could take shipping, industry experts agreed that despite the promising numbers, electric hybrid or pure electric propulsion is still in its infancy when it comes to shipping, with cost, safety, and fast charging of batteries remaining big hurdles to overcome.
For charging batteries with shore power and sailing parts or whole distances on charged shore power, the energy density becomes a showstopper for 100% decarbonisation for most of shipping, according to Eirik Ovrum, principal consultant at class society DNV.
Former chief executive at Corvus, Geir Bjørkeli, told Splash Extra that batteries become “somewhat impractical” in terms of volume, weight, and price for longer distances. “While the technology exists to fully electrify any ship, it would require a significant amount of space, add substantial weight, and be costly for shipowners,” he admitted.
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