EnerVenue, a US-based renewable storage battery manufacturer, has secured $100 million in Series A investment round headed by Schlumberger New Energy. The funding will be used to build a gigafactory in the US, improve research and development, and boost sales. Saudi Aramco Energy Ventures and other investors participated in the financing round.
The company is working on nickel-hydrogen batteries for large-scale renewable and storage applications. The batteries have a temperature range of -40°C to 60°C and a 30-year life span. The batteries have a wide range of rapid and slow charge capabilities and are expected to last for 30,000 cycles or more. For severe aircraft environments, EnerVenue provides durable batteries as well as adaptable and safe storage options. For instance, the International Space Station and the Hubble Space Telescope are both powered by the batteries.
EnerVenue is said to be the first company to bring metal-hydrogen batteries to the clean energy space. To broaden its worldwide reach, EnerVenue has announced a framework distribution and manufacturing deal with Schlumberger New Energy. EnerVenue’s technology will be brought to Europe, Africa, the Middle East, and other countries by Schlumberger New Energy. In September 2020, EnerVenue had announced that it secured $12 million in seed funding on its launch.