Hong Kong property magnate Peter Lee has spearheaded a substantial $300 million Series B extension round for EnerVenue, a California-based startup specializing in energy storage systems.

Lee, who serves as cochairman of the Henderson Land property-to-energy group, channeled the investment through Full Vision Capital, his Hong Kong-based family office. The announcement was made by EnerVenue on Tuesday.

Key Investors and Expansion Plans

The funding round also attracted participation from Hong Kong Investment Corp., the city’s government-owned investment entity. EnerVenue stated that this capital infusion will be used to further accelerate the large-scale industrial application of its proprietary energy storage technology.

Furthermore, the startup plans to establish its regional headquarters and a dedicated Research and Development (R&D) center in Hong Kong. This move aims to attract top scientists for crucial materials science research.

CEO Highlights Funding Impact

Henning Rath, CEO of EnerVenue, emphasized the importance of the new capital in a statement. He noted that the funds are vital for advancing core technologies and scaling up manufacturing capabilities.

Rath added that the investment will also reinforce supply-chain robustness and support the expansion of the company's global commercial reach. EnerVenue has chosen not to disclose its current valuation following the round.

EnerVenue's Advanced Nickel-Hydrogen Technology

A Critical Solution for AI Infrastructure

Founded in 2020, EnerVenue develops grid-scale energy storage systems (ESS) utilizing nickel-hydrogen batteries. These systems are increasingly critical for powering AI data centers by ensuring stable energy supply during peak demands.

ESS absorb energy during off-peak times or from renewable sources like solar and wind, then discharge it for intensive AI workloads. This process helps maintain stability and potentially lowers electricity costs for operators.

Advantages Over Lithium-Ion

Most current ESS rely on lithium-ion batteries, which typically require replacement every five to seven years due to degradation. Lithium-ion systems also necessitate significant spacing for cooling and thermal runaway management.

EnerVenue’s nickel-hydrogen cells, traditionally used in space operations due to their durability, offer significant advantages. They boast an expected lifespan of 30 years and can operate effectively in temperatures up to 60°C without extensive cooling infrastructure.

Additionally, these batteries can discharge up to 100% of their capacity without suffering damage. In contrast, lithium-ion batteries are usually limited to 80% discharge to prevent accelerated wear.

Existing Partnerships and Founder Background

EnerVenue has already supplied its ESS units to several major energy providers globally. These include Avid Group in Australia, RWE in Germany, and U.S. firms High Caliber Energy and Duke Energy.

The company also supplies its technology to Towngas, the Hong Kong utility cochaired by Peter Lee. EnerVenue was cofounded by Stanford materials science professor Yi Cui.

The startup previously secured $308 million in June 2024 from undisclosed investors, according to an SEC filing. Other notable backers include Saudi Aramco Energy Ventures and U.S. oil giant SLB.

Peter Lee's Green Technology Focus

Peter Lee, cochairman of Henderson Land Development and Towngas, has previously signaled a strong belief in the growth potential of green technologies. His investment in EnerVenue aligns with this strategic focus.

Through Full Vision Capital, Lee has also backed other sustainability-focused ventures. These include StarFive, a Shanghai-based developer of energy-efficient chips, and EcoCeres, a Hong Kong unicorn producing sustainable aviation fuel.