Metal-hydrogen battery company EnerVenue announced today it has raised $100 million in Series A funding that it will use to build a gigawatt-scale factory in the United States, accelerate R&D efforts and expand its salesforce.
Schlumberger New Energy led the round, accompanied by Saudi Aramco Energy Ventures and others including Stanford University. EnerVenue has also announced a major distribution and manufacturing agreement with Schlumberger to expand global availability of EnerVenue batteries, namely in Europe, the Middle East and Africa.
EnerVenue’s batteries use nickel-hydrogen technology that has been tested for decades on the International Space Station and Hubble Space Telescope. The company formed in 2020 to bring the NASA-originated technology to grid-scale and other stationary power applications.
“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.”
EnerVenue nickel-hydrogen batteries can work in -40° to 60°C (140°F) temperatures with projected 30,000-cycle lifespans. With no lithium, the batteries have no thermal runaway risk. Also with no toxic materials and easily separable parts, the batteries are expected to be 100% recyclable.