L growing EnerVenue team. CEO Jorg Heinemann is in the front row, wearing a blue shirt. CTO Dr. Yi ... Cui is in the front row and wears a gray jacket. fbs-accordion> EnerVenue.com
I introduced EnerVenue to readers of this section in December 2020 and felt his innovative reformulation of Metal-Hydrogen Batteries was the technology we needed for grid-scale storage. Less than 10 months later, there is good evidence that other smart investors agree with me.
EnerVenue battery storage cabinet EnerVenue.com
Heinemann was extremely satisfied with the agreement, which provides access to Schlumberger customers in a large and economically important region. This agreement follows the announcement in April 2021 that EnerVenue has partnered with Towngas , "Hong Kong 's leading utility and one of Greater China ' s largest energy suppliers, to supply l-hydrogen batteries to facilities in Towngas in the Sinosphere.
“The point is that each of our three main partners - Towngas, Schlumberger and Aramco - could individually take 100% of our production over the next five years is an incredible commercial validation for us at EnerVenue ", commented Heinemann." We are delighted thatSuch sophisticated companies see the benefits of EnerVenue by rapidly reducing the costs of a known and proven technology.
Series A investment of $ 100 million will be used to build production capacity at the company's North American headquarters in Fremont, Calif., Then build a massive factory on a US site that has yet to be announced.
Heinemann said the company originally planned to raise only one round of $ 50 million Series A (still huge for "Series A"), but due to huge investor interest, the board and management decided to increase the production capacity faster than initially expected.
You would not want to power your cell phone with one ofthese beauties, but EnerVenue batteries are ... perfect for stationary storage. fbs -accordion> EnerVenue.com
Part of the decision to go ahead with the construction of the gigafactory was apparently driven by the huge technical advancements made by the company in the short time since I introduced EnerVenue to Forbes. Within weeks of posting the original story, EnerVenue had released its fifth-generation design and was 18 months ahead of the technical roadmap it laid out when the company was founded.
For someone who's used to listening to CEOs apologize for why they're behind on their original tech roadmap, my conversation with Heinemann was truly refreshing!
The batteries that EnerVenue will market have the samemy wonderful features that I mentioned in the first article. To sum up using this quote from the company press release, EnerVenue batteries are:
- Durable: Works between - 40 ° and 60 ° C (140 ° F) ambient temperatures; service life of more than 30 years; expected more than 30,000 cycles without degradation and at variable rates; excellent over-charge, over-discharge and deep cycle capabilities
- Flexible: Wide range of fast and slow charge capabilities; future proof with no limitations on use cases; scalable form factor for a wide range of stationary use cases
- Safe and simple: No risk of fire or thermal runaway; low cost materials; the energy density per square foot is equal to or greater than that of lithium-ion batteries; ultra-low operating costs
- Efefficient: 80-90% depending on cycle rate
- Proven: Nickel-hydrogen batteries have performed over 200 million cell hours in a vessel orbital space and over 100,000 charge / discharge cycles
- Recyclable: Built without toxic materials and easily separable parts, the batteries are designed for 100% recyclability
In addition to these features, I was delighted to find that the only substances used in EnerVenue batteries are those that are widely available on any continent. This means that batteries can (and will be) manufactured in the region where they will be used, eliminating the need for energy-intensive global supply chains and reducing the risk that a shortage of certain rare mineral components threatens plans. manufacturing and distribution. .
Since I have also spoken to companieslike Arenko and Swell - which provide software overlays to allow battery operators to manage charge / recharge operations to minimize grid loads and also be able to sell power back to the grid - I asked Heinemann if the EnerVenue batteries had the technical capabilities to allow them to be used as replacement for lithium-ion batteries in installations running this type of software.
He replied that in fact they would work much the same as lithium-ion batteries when installed, but that - because EnerVenue batteries do not have the same constraints of lifespan than lithium-ion batteries - the software needed to manage charge / recharge cycles could be much simpler. This is great news all around!
Heinemann knows, as I know, that we need to radically rethink the way we fuel ourlives, and that the economic incentives built into the capitalist system encourage the smart, foresightedness of investors to do just that.
Smart investors take note.