Woven Capital Invests in Corvus Energy to Decarbonize the Maritime Industry

Woven Capital has recently announced a strategic investment in Corvus Energy, a leading provider of energy storage systems for zero-emission maritime applications. The investment marks a significant step in the journey toward achieving zero-emission shipping, aligning with Toyota's commitment to a greener, more sustainable future and building the hydrogen economy.

Toyota has been investing in hydrogen fuel cell R&D since the 1990’s and believes the maritime ecosystem is poised to accelerate adoption of hydrogen as a crucial fuel in the broader quest for zero-emission transportation.

Our investment in Corvus Energy’s Series B round builds on an existing partnership between Corvus and Toyota Motor Europe that began in 2020. Since then, Corvus and Toyota have collaborated to develop safer and more advanced hydrogen fuel cell systems for vessels, ports and offshore applications.

Corvus has delivered energy systems to more than 1,000 projects so far, and more than 50 percent of the world’s vessels with zero-emission technology now run on Corvus systems. This investment will provide Corvus with greater access to Toyota’s cutting-edge expertise in hydrogen, fuel cell and battery technology, strengthening Corvus’s ability to reliably scale innovations for a rapidly evolving industry.

The Urgent Need for Zero-Emissions Solutions

The maritime industry plays a pivotal role in global trade and transportation and in ensuring a reliable international supply chain. Yet the global maritime industry is responsible for nearly 3% of all global carbon emissions, topping 1B metric tons of CO2 emissions each year. With ambitious net-zero goals from shipping leaders like Maersk and more than 190 governments agreeing to transition away from fossil fuels at COP28, the need to transition to zero-emission solutions has become more urgent than ever. Woven Capital is pleased to partner and invest in Corvus Energy to steer the industry toward a more sustainable future.

Hydrogen is emerging as a versatile and sustainable energy source. It can be produced through renewable sources, stored efficiently and deployed as a clean energy source to power ships. Because it’s energy dense, hydrogen is well suited to support the maritime industry, where electrification would often require large batteries in space-constrained vessels to support longer voyages. While the hydrogen ecosystem is in its early days, the sector has attracted large investments and attention in recent years as a way to decarbonize industries such as shipping. By incorporating hydrogen technology into maritime applications alongside battery and software management systems, Toyota and Corvus Energy are pushing the boundaries of innovation to create a greener, more sustainable shipping industry.

As we embark on this green voyage together, we believe the Toyota and Corvus Energy partnership can serve as a model for the pursuit of innovative technologies, strategic investments and a shared commitment to a sustainable future.