Power storage options firm EnerVenue introduced at this time that it has raised $300 million in an extension of its Collection B most well-liked inventory financing spherical, with proceeds geared toward advancing the commercialization of the corporate’s high-endurance, lithium-free vitality storage programs.
Alongside the brand new capital, EnerVenue additionally introduced the appointment of Henning Rath as its new CEO.
Based in 2020, California-based EnerVenue develops long-duration vitality storage programs designed to assist the combination of intermittent renewable vitality sources resembling wind and photo voltaic by offering dependable, cost-effective and scalable storage options for grid and industrial purposes.
Utilizing non-lithium expertise storage expertise primarily based on nickel-hydrogen battery expertise chemistry first developed by NASA and refined at Stanford College, the answer provides a safer, sturdy design, with a considerably longer design lifetime of 30,000 cycles, or three cycles per day for 30 years. Functions for the answer embody grid scale vitality storage, renewable vitality shifting, and AI information facilities.
The corporate mentioned that the brand new capital will assist the speedy scale-up of its manufacturing operations in Changzhou, China and assist optimize price buildings, speed up provide chain improvement and increase its operations throughout Asia, the Center East, and Europe.
New EnerVenue CEO Henning Rath mentioned:
“This $300 million extension of Collection B most well-liked inventory funding is a testomony to the energy of EnerVenue’s expertise and your entire workforce’s execution. This capital gives the inspiration to take a position decisively in our expertise roadmap, safe the provision chain for gigawatt-scale manufacturing, and construct a sturdy world buyer footprint. Our short- and mid-term capability targets of 250 MWh and 1 GWh at the moment are totally funded.”
The extension spherical was led by Full Imaginative and prescient Capital, alongside an extra new investor.
Rath joins EnerVenue from residential clear vitality platform Enpal, the place he served as Managing Director and Chief Provide Chain Officer.
Dr. Yi Cui, chairman of EnerVenue mentioned:
“Henning’s management has been pivotal in positioning EnerVenue for this progress part. His strategic imaginative and prescient and operational credibility had been instrumental in constructing investor confidence and shutting this vital spherical. His deep experience in industrial scaling and world market execution is strictly what EnerVenue wants to attain its bold manufacturing and deployment objectives.”
