California-based energy tech startup EnerVenue raises $100M Series A to bring metal-hydrogen batteries to the clean energy revolution
Renewable energy generation is expected to account for more than half the world’s power supply by 2035, rising to 75% by the middle of the century. Over the years, the cost of lithium-ion batteries has decreased quickly and markedly, enabling more enterprises and utilities to harness renewable energy sources at scale. However, lithium-ion batteries – as well as lead-acid or redox flow alternatives – incur relatively high operating expenses, struggle in extreme hot or cold climates, have a limited lifespan, and can impose safety and environmental challenges. These are the challenges one California-based clean energy startup is on a mission to solve.
EnerVenue is a Freemont, California-based energy tech startup that is building simple, safe, maintenance-free energy storage for the clean energy revolution that’s based on technology proven over decades in extreme conditions, now scaled for large renewable energy integration applications.
As you may recall, we wrote about EnerVenue last year after the company launched with $12 million in funding to bring a zero maintenance and lower-cost alternative to lithium-ion batteries into the Clean Energy Revolution. Since then, the company has received the attention of investors willing to support the company’s mission.
Today, EnerVenue said it has closed $100 million in Series A funding to accelerate production of its unique nickel-hydrogen batteries, R&D efforts, and build a gigafactory in the U.S. In conjunction with the funding, EnerVenue also announced a distribution and partnership framework with Schlumberger New Energy.
EnerVenue builds durable, flexible, and safe energy storage solutions with batteries based on technology proven over decades of use under the most extreme aerospace conditions – including powering the International Space Station and Hubble Space Telescope. Following breakthrough material science discoveries that significantly reduce the cost and increases the raw material availability of the NASA-originated technology, EnerVenue launched in 2020 to bring the battery’s established advantages to grid-scale and other stationary power applications.
Founded in 2020 by Dr. Yi Cui, a Professor of Materials Science and Engineering at Stanford University, EnerVenue is a spinout of EEnotech, a materials-focused startup foundry that incubates and accelerates nanotechnology-driven solutions to water purification, grid-scale energy storage, smart wearable textiles, and other energy and environmental problems.
Schlumberger New Energy will take EnerVenue’s technology to market in Europe, the Middle East, Africa, and other regions. The agreement contemplates sales and distribution, as well as manufacturing, for key territories.
“With the durability, flexibility, reliability, and safety of its batteries, EnerVenue is delivering a unique and future-proof solution for grid-scale energy storage,” said Jorg Heinemann, CEO, EnerVenue. “We have proven the advantages that our next-generation nickel-hydrogen battery delivers and are excited to accelerate our journey forward with Series A backing and our agreement with Schlumberger.”
Below is a quick overview of EnerVenue.