EnerVenue, a novel battery manufacturer, is seeking to raise $515 million, according to a recent filing.

EnerVenue, a startup revolutionizing renewable energy storage with its nickel-hydrogen batteries, is making waves in the industry with its latest fundraising efforts. The company is on track to raise a whopping $515 million in fresh equity, according to an SEC filing obtained by TechCrunch.

With plans to build a gigawatt-scale factory in Kentucky at an estimated cost of $264 million, EnerVenue is gearing up to mass-produce its innovative batteries. The startup has already secured $308 million of its funding target, with the remaining amount expected to fuel the factory project.

EnerVenue’s nickel-hydrogen technology, originally designed for space applications, has been reimagined for terrestrial use by removing costly platinum components. This adjustment is projected to significantly reduce the cost per kilowatt-hour to below $80 when produced at scale.

While nickel-hydrogen batteries may not match the energy density of lithium-ion batteries, they offer advantages such as durability in extreme temperatures and minimal maintenance requirements. These qualities make them an attractive option for utilities seeking efficient ways to store excess renewable energy.

The challenges faced by hardware-based climate tech companies like EnerVenue in scaling up production are not lost on industry observers. The need for substantial capital investment to build manufacturing facilities often requires startups to seek significant funding from venture firms.

Despite these hurdles, EnerVenue’s successful Series B fundraising indicates investor confidence in the company’s potential. As the startup moves forward with factory construction and production scaling, the future looks bright for its novel nickel-hydrogen batteries and their impact on the renewable energy sector.