EnerVenue (Femont, CA) has raised $12m (€10m) in seed funding to use metal-hydrogen battery technology in grid storage applications.
The investment enables EnerVenue to accelerate development of its safe, maintenance-free, and cost-efficient clean energy storage solution. The battery technology is based on nickel-hydrogen technology that has been used over decades under the most extreme aerospace conditions, including powering the International Space Station and Hubble Space Telescope. EnerVenue has developed a lower cost metal-hydrogen version of the batteries for utility grid storage.
“As an example of metal hydrogen batteries, nickel-hydrogen batteries have proven to be an incredibly powerful energy storage technology – albeit an expensive one – for the aerospace industry over the past 40 years,” said Dr. Yi Cui, a Professor of Materials Science at Stanford University, and Founder, Chairman of the Board and Chief Technology Advisor, EnerVenue. “The performance and longevity of nickel-hydrogen batteries is well-established and second to none. We’re now able to deliver the same performance and durability at a breakthrough competitive price using new low-cost materials.”
Renewable energy generation is expected to account for more than half the world’s power supply by 2035. EnerVenue’s metal-hydrogen batteries can last more than 30 years, with cost-per-kilowatt-hour cycles as low as one cent.
“Ultra-long battery life with zero maintenance requirements even in the harshest climates is game-changing for stationary use cases such as solar plants in hot desert environments, wind farms, and micro-grids in difficult-to-reach locations,” said Jorg Heinemann, CEO of EnerVenue.
The EnerVenue metal-hydrogen batteries are developed for large-scale renewable and storage applications and designed to be durable, operating from -5° to 60°C ambient temperatures with 30,000 cycles for a 30+ year lifespan. There is no fire or thermal runaway risk and no toxic materials so it is easy to recycle. There is a broad charge/discharge range of C/5 to 5C. Nickel-hydrogen batteries have completed more than 200 million cell-hours in orbital spacecraft and more than 100,000 charge/discharge cycles.
The seed round