EnerVenue aims for $515m for nickel-hydrogen battery

EnerVenue aims for $515m for nickel-hydrogen battery

EnerVenue aims for $515m for nickel-hydrogen battery 150 150 Batteries International

June 14, 2024: EnerVenue, a renewable energy start-up, is set to raise a total $515.6 million in fresh equity according to a SEC filing on June 5. The report says that $308.15 million has been raised so far and $207.45 is remaining to be sold.

The company, which has developed a nickel-hydrogen battery as an alternative to lithium-ion for long-duration renewable energy storage, is in the process of building a gigawatt-scale factory in Kentucky. The state government says EnerVenue has paid $264 million and it will contribute further $10 million.

Nickel-hydrogen batteries have proven to be ideal for space applications due to their ability to withstand extreme temperatures and maintain their capacity over time. However, their high cost has limited their adoption on Earth.

This equation changed, however, when Yi Cui, a professor at Stanford University and chairman of EnerVenue, tweaked the chemistry to remove expensive platinum. With these modifications, the company anticipates that the cost per kilowatt-hour can be reduced below $80 when produced at scale.