US-based battery manufacturer EnerVenue secured $100m on Wednesday in a series A round featuring oil services provider Schlumberger and oil and gas supplier Saudi Aramco.
Schlumberger led the round through its New Energy division while Saudi Aramco invested through its corporate venturing subsidiary, Saudi Aramco Energy Ventures. Stanford University is also understood to have taken part in the round, according to TechCrunch.
EnerVenue is developing nickel-hydrogen batteries for use in grid-scale energy storage systems, a market set for significant growth as renewable energy – which tends to be intermittent in its generation throughout the day – will require increasing amounts of storage assets.
Nickel-hydrogen batteries, which are typically used in aerospace contexts, have certain advantages over the lithium-ion models that many energy storage assets use, including a higher resilience and longevity.
The funding will be used to build a gigafactory in the US to manufacture the company’s batteries, as well as boost research and development efforts and expand its sales and distribution capabilities.
Founded within EEnotech, a foundry focused on energy and environmental companies, EnerVenue then raised $12m in an August 2020 seed round led by Peter Lee, chairman of gas utility Towngas, that also featured Doug Kimmelman, founder of private equity firm Energy Capital Partners.
Jorg Heinemann, chief executive of EnerVenue, said: “With the durability, flexibility, reliability and safety of its batteries, EnerVenue is delivering a unique and future-proof solution for grid-scale energy storage.
“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.”
