US-based renewable storage battery manufacturer EnerVenue has raised $100 million in Series A funding led by Schlumberger New Energy. EnerVenue is said to be the first company to bring metal-hydrogen batteries to the clean energy revolution.
The funding will be used to develop a gigafactory in the United States, enhance research and development, and expand the sales force.
Saudi Aramco Energy Ventures and other investors also participated in the funding round.
EnerVenue also announced a framework distribution and manufacturing agreement with Schlumberger New Energy to expand its global footprint. Schlumberger New Energy will take EnerVenue’s technology to Europe, Africa, the Middle East, and other regions.
EnerVenue manufactures durable batteries and flexible and safe storage solutions for extreme aerospace conditions. The batteries are used in powering the International Space Station and Hubble Space Telescope.
The company’s nickel-hydrogen batteries are developed for large-scale renewable and storage applications. The batteries can operate in the -40°C to 60°C range and last for 30 years. The batteries provide broad ranges of fast and slow charge capabilities with a projected 30,000+ cycles without degradation.
The nickel-hydrogen battery has equal to or better energy density per square foot than lithium-ion batteries coupled with 80-90% efficiency. In addition, it is built with no toxic materials and designed for 100% recyclability, the company said.
EnerVenue’s Chief Executive Officer (CEO) said, “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.”
Saudi Aramco Energy Ventures’ CEO said, “Anticipated demand for efficient and reliable energy storage technology in the Middle East North Africa (MENA) region is tremendous. EnerVenue’s energy storage capabilities offer the perfect match for the demands of consumers in the MENA region and globally, including the tested durability to support long asset life in extreme environmental conditions. Given these advantages, we foresee rapid market growth for EnerVenue’s nickel-hydrogen going forward.”
Last year, EnerVenue secured $12 million in seed funding on its launch.
According to Mercom’s 1H and Q2 2021 Funding and M&A Report for Storage, Grid & Efficiency, in the first half of 2021, battery storage companies raised $9.6 billion in corporate funding compared to $716 million in the same period last year. The report said that funding levels had improved every quarter since Q1 2020. Funding activity, however, slumped in Q1 2020 due to the Covid-19 impact.