EnerVenue, a Fremont, Calif. – based company that develops metal-hydrogen batteries, raised $100m in Series A funding.
The round was led by Schlumberger New Energy, accompanied by Saudi Aramco Energy Ventures (SAEV, the corporate venture capital program of Aramco Ventures) and others.
Launched in 2020 and led by Jorg Heinemann, CEO, EnerVenue builds durable 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.
Additionally, the company announced the framework for a major distribution and manufacturing agreement with Schlumberger New Energy to expand availability of its batteries in Europe, the Middle East, Africa, and other regions.
EnerVenue will use funding to build a gigafactory in the United States, accelerate R&D efforts, and expand its sales force as it scales its distribution capabilities with strategic partnerships like the one with Schlumberger New Energy.
The nickel-hydrogen batteries are developed for large-scale renewable and storage applications and are built to be Durable, operating in -40° to 60°C (140°F) ambient temperatures, and with no fire or thermal runaway risk. With no toxic materials and easily separable parts, batteries are designed for 100% recyclability.