The Tamesis
Peter Li, co-chairman of Henderson Land and Towngas.
Jocelyn Tam, Forbes Asia
Peter Lee, co-chairman of Hong Kong real estate transformation energy group Henderson Land, has led a $300 million Series B extension in California energy storage startup EnerVenue.
Mr. Li made the investment through his Hong Kong family office, Full Vision Capital, EnerVenue said in a statement on Tuesday. The funding round was participated by Hong Kong Investment Corporation, an investment company owned by the Hong Kong government.
EnerVenue said it will set up a regional headquarters and R&D center in Hong Kong to attract scientists to conduct materials research. The startup added that it will use the funds to “further accelerate the large-scale industrial application of energy storage technology.”
“Funding is critical for further research and development of our core technology, large-scale manufacturing, enhanced supply chain robustness, and expanding global commercial impact,” EnerVenue CEO Henning Rath said in a statement. The startup declined to disclose its valuation.
EnerVenue, founded in 2020 with $12 million in seed funding led by Lee, develops grid-scale energy storage systems (ESS) powered by nickel-metal hydride batteries, which are traditionally deployed in space operations due to their ultra-durability and tolerance to extreme temperatures.
EnerVenue’s energy storage system is powered by nickel metal hydride batteries.
energy venue
Grid-scale energy storage systems are critical for AI data centers as they absorb grid energy during off-peak hours, such as at night, or from sunlight and wind, and then release it to AI workloads to ensure stable energy supply and lower electricity bills.
Most ESS today are powered by lithium-ion batteries, which typically requires AI data center operators to add new batteries every five to seven years to offset battery degradation. Lithium-ion batteries also require room for thermal runaway and cooling facilities.
Meanwhile, EnerVenue’s nickel-metal hydride batteries are designed to last 30 years, according to the startup. They can also operate at temperatures up to 60°C without the need for intense cooling or specialized fire suppression, allowing the cells to be tightly packed. Additionally, nickel-metal hydride batteries can be discharged to 100 percent capacity without causing any damage, while lithium-ion batteries are typically limited to 80 percent to avoid accelerated degradation, EnerVenue said.
EnerVenue has provided ESS to energy companies such as Australia’s Avid Group, Germany’s RWE, the United States’ High Caliber Energy and Duke Energy, and Hong Kong Gas Co., which is co-chaired by Li. EnerVenue, co-founded by Yi Cui, a professor of materials science and engineering at Stanford University, last raised funding in June 2024, when it raised $308 million from undisclosed investors, according to filings with the Securities and Exchange Commission. Its other backers include U.S. oil giant SLB (formerly Schlumberger) and Saudi Aramco Energy Ventures.
The startup is one of the green technology companies Li has invested in through Full Vision. The co-chairmen of Hong Kong real estate developer Henderson Land and Towngas revealed in an interview with Caijing Forbes Asia In December, he argued that future growth will come from green technology. His other investments include EcoCeres, a Hong Kong unicorn startup that produces sustainable aviation fuel, and StarFive, a Shanghai-based developer of energy-saving chips.
