Space-Age Technology Adapts to Meet Earth's Energy Storage Needs
Energy storage startup EnerVenue has raised $515 million in a new round of funding, according to an SEC filing. The investment will fund a new one-gigawatt plant in Kentucky that will manufacture nickel-hydrogen batteries, an alternative to lithium-ion batteries for long-term renewable energy storage.
Nickel-hydrogen batteries, originally developed for spacecraft, have advantages for applications on Earth. Their chemical composition is resistant to extreme temperatures and does not lose capacity over time. Compared to lithium-ion batteries, nickel-hydrogen batteries are more voluminous, but have lower maintenance requirements and do not require an expensive cooling system.
EnerVenue has adapted nickel-hydrogen technology for terrestrial use, eliminating expensive elements such as platinum. The company predicts that mass production will reduce the cost per kilowatt-hour to $80.
Kentucky plant worth $264,000,000 — an important step in meeting the growing demand for batteries to store renewable energy. The company has already received orders for 7 gigawatt-hours from utilities and other customers.
The $515 million investment highlights growing interest in climate technology and the need for large production facilities. Companies often have to raise significant venture capital funding to fund large-scale projects because traditional lending sources are not always willing to provide funds for such initiatives.
EnerVenue was able to attract investors for a Series B round, indicating confidence in their technology and market potential. The company plans to use these funds to complete the construction of the plant and scale up production.