FREMONT, Calif., Sept. 15, 2021 (GLOBE NEWSWIRE) -- EnerVenue, the first company to bring metal-hydrogen batteries to the clean energy revolution, today announced that it has raised $100 million in Series A funding. Schlumberger New Energy led the round, accompanied by Saudi Aramco Energy Ventures (SAEV, the corporate venture capital program of Aramco Ventures) and others. Additionally, EnerVenue announced the framework for a major distribution and manufacturing agreement with Schlumberger New Energy to significantly expand global availability of EnerVenue batteries.
EnerVenue builds durable, flexible, 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. Following breakthrough material science discoveries that significantly reduces the cost and increases the raw material availability of the NASA-originated technology, EnerVenue launched in 2020 to bring the battery’s established advantages to grid-scale and other stationary power applications.
The company will use funding from the Series A 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 announced with Schlumberger New Energy.
Schlumberger New Energy will take EnerVenue’s technology to market in Europe, the Middle East, Africa, and other regions. The agreement contemplates sales and distribution, as well as manufacturing, for key territories.
“With the durability, flexibility, reliability, and safety of its batteries, EnerVenue is delivering a unique and future-proof solution for grid-scale energy storage,” said Jorg Heinemann, CEO, EnerVenue. “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.”
EnerVenue nickel-hydrogen batteries are developed for large-scale renewable and storage applications and are built to be:
- Durable: Operates in -40° to 60°C (140°F) ambient temperatures; 30+ year lifespan; projected 30,000+ cycles without degradation and at varying rates; excellent overcharge, overdischarge, and deep-cycle capabilities
- Flexible: Broad range of fast and slow charge capabilities; future-proof with no limitations on use cases; scalable form factor for a broad range of stationary use cases
- Safe & Simple: No fire or thermal runaway risk; low-cost materials; energy density per square foot is equal to or better than lithium-ion batteries; ultra-low operating costs
- Efficient: 80-90% depending on cycle-rate
- Proven: Nickel-hydrogen batteries have completed more than 200 million cell-hours in orbital spacecraft and more than 100,000 charge/discharge cycles
- Recyclable: Built with no toxic materials and easily separable parts, batteries are designed for 100% recyclability
“At Schlumberger, we’re eager to leverage our technology expertise and global footprint in introducing EnerVenue’s technology to this important emerging market,” said Ashok Belani, Executive Vice President, Schlumberger New Energy. “We are excited about the potential this technology holds for the energy transition.”
“Anticipated demand for efficient and reliable energy storage technology in the MENA region is tremendous,” said Mahdi Aladel, CEO, Aramco Ventures. “In our view, EnerVenue’s energy storage capabilities offer the perfect match for the demands of customers in the MENA region and globally, including the tested durability to support long asset life in the most extreme environmental conditions. Given these advantages, we foresee rapid market growth for EnerVenue’s unique nickel-hydrogen batteries going forward.”
Advisors
Barclays acted as sole placement agent to EnerVenue on the transaction and Rimon served as legal advisor.
About EnerVenue
EnerVenue builds simple, safe, and cost-efficient energy storage solutions for the clean energy revolution. Based on technology proven over decades under the most extreme conditions, EnerVenue batteries are refined and scaled for large renewable energy integration applications. The company is headquartered in Fremont, California.
About Schlumberger New Energy
Schlumberger is the world's leading provider of technology to the global energy industry. Schlumberger New Energy explores new avenues of growth by leveraging Schlumberger’s intellectual and business capital in emerging new energy markets, with a focus on low-carbon and carbon-neutral energy technologies. Its activities include ventures in the domains of hydrogen, lithium, energy storage, carbon capture and sequestration, geothermal power and geoenergy for heating and cooling buildings. Learn more about Schlumberger New Energy: newenergy.slb.com
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing program of Aramco Ventures a subsidiary of Aramco, the world’s leading fully integrated energy and chemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent company Aramco. saev.com
EnerVenue Contact
Kyle Peterson
kyle@clementpeterson.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/40884efd-f970-4b75-ad0f-2aaa9c246a76
