California-based battery innovator EnerVenue bagged $300 million in a Series B+ funding led by Hong Kong-based Full Vision Capital.
The firm said the proceeds will be used to scale its manufacturing of next-generation nickel-hydrogen batteries designed for grid-scale energy storage.
Alongside Full Vision Capital, Hong Kong Investment Corporation also invested in the round. Towngas also holds a minority stake and has secured exclusive distribution rights for EnerVenue’s products in mainland China.
Apart from manufacturing ramp-up, EnerVenue also intends to use the funds for research and development, supply chain operations, and commercial expansion.
This is amid what they call a “growing demand” for reliable grid-scale storage solutions to support renewable energy sources such as solar and wind. EnerVenue said it plans to establish a Hong Kong regional headquarters to coordinate sales and operations across the region.
EnerVenue was co-founded in 2020 with backing from Full Vision Capital. The company develops nickel-hydrogen batteries, a technology originally used in aerospace, to offer an alternative to lithium-ion systems for energy storage. The firm’s technology targets large-scale energy storage applications.
