Californian energy storage startup EnerVenue, supported by Saudi Aramco’s venture capital arm, has closed a $300 million extension of its Series B funding. The company is now setting its sights on commercial expansion across the Middle East, with a specific focus on Saudi Arabia.
Quick Facts
- Closes $300M Series B funding extension.
- Backed by Saudi Aramco’s VC arm since Series A.
- Actively targeting Middle East for commercial expansion.
- Planning to launch pilot projects in the region.
Aramco Ventures Deepens Support
The latest funding round was led by Hong Kong-based Full Vision Capital and will be used to scale up EnerVenue’s manufacturing operations in Changzhou, China, and accelerate its commercial growth.
Aramco Ventures has been a consistent backer of the company. “Aramco Ventures was an early investor starting with Series A and has participated in subsequent opportunities,” EnerVenue’s newly appointed CEO, Henning Rath, told AGBI.
The VC firm first invested in EnerVenue’s $100 million Series A round in September 2021.
Tackling the Middle East’s Energy Challenge
EnerVenue sees significant opportunities in the Middle East, especially in markets like Saudi Arabia, which are heavily investing in renewable energy to match their strong solar resources. Rath noted the region’s challenging environment, which includes rapid load growth under high temperatures.
The company’s technology is designed to address this challenge. EnerVenue provides long-duration energy storage using aqueous metal cells—water-based devices that operate efficiently without the energy-intensive cooling required by traditional lithium-ion batteries. This makes them particularly well-suited for the region’s climate.
Regional Pilots and Manufacturing Plans
EnerVenue is already in talks with several energy-related entities in the region and plans to announce commercial pilot projects in the coming months, though specific details remain confidential.
While its initial manufacturing line is based in China, Rath confirmed that the company is considering a regional factory strategy based on customer demand in the Middle East.
“The model is reflected in strategic planning executed as part of the company’s fundraising efforts,” he stated.
Rath highlighted the GCC’s growing role in the global energy transition, noting that its nations are among the world’s most sophisticated energy investors and have taken a leading role in advancing battery technology.
About EnerVenue
EnerVenue develops long-duration energy storage solutions for the clean energy transition. The company’s metal-hydrogen batteries are designed for durability and safety, capable of operating in a wide range of temperatures without degradation, making them suitable for utility-scale, commercial, and industrial applications.
Source: AGBI
