Maritime battery maker wins cash boost
Maritime, offshore and port energy solutions provider Corvus Energy has secured investment from a Toyota growth fund to expand its product portfolio and global reach.
Woven Capital has invested an undisclosed sum in Corvus, which is based in Norway, to speed up the development of battery storage and hydrogen fuel cells, Corvus Energy says. It will also expand into more regions in the world.
“Hydrogen is a fast-growing sector with established applications in many industries and is playing a pivotal part in decarbonising shipping, energy, transport and heavy industry,” said Nicole leBlanc, partner at Woven Capital.
“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.”
“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. Having strong and active owners will continue to be important for our future success. Woven Capital makes the shareholder group even stronger.”
The maritime industry constantly hears about batteries being the next big thing for ‘green’ propulsion, and in August, Corvus said it would supply the batteries for what was believed to be the world’s biggest electric vessel, an Incat Crowther-designed ro-pax ferry for Argentina and Uruguay ferry operator Buquebus.
The 40MWh lithium battery is a nickel manganese cobalt type, with a weight of 6kg/kWh – which means the total weight of the battery could run to 240 tonnes.
However at a ‘Green Tugs’ seminar during last year’s London International Shipping Week, opinion was divided over how practical they would be and for which specific operations.
Time will tell, and more than one investor seems confident – Corvus says other strategic investors in the firm include BW Group, Equinor Ventures, Hydro and Shell Ventures.
