EnerVenue was set up to produce meta-hydrogen batteries. These batteries act as storage applications. In addition, they support the large-scale use of renewable energy. The startup is in the US in California.
What led to the formation of EnerVenue?
There was a high demand for grid-scale storage. Hydrogen batteries were seen as the most preferred over traditional ones. Innovation has brought a lot of change across the world. It protects the environment from greenhouse gasses. The startup has reported positive results monthly.
Investors saw an opportunity and were willing to invest more than $250 million. However, the company needed only $100 million. So the EnerVenue startup turned down an investment of $150 million. Nevertheless, CEO Jorg Heinemann said it feels good to be loved and appreciated.
EnerVenue collaborates
Schlumberger and Saudi Aramco, carbon extraction firms, were among the highest investors. Both companies wanted to transform from carbon to hydrogen. This is due to the high demand for car batteries.
Schlumberger went ahead and requested to become the top manufacturers and distributor. The agreement went on positively, and the carbon company has many shares in the startups. They will focus on manufacturing Enervenue batteries and also work on the installation. In addition, Schlumberger New Energy will distribute the product in Africa and Europe.
The CEO of Schlumberger New Energy is a tech veteran known as Ashok Belani. He has been working in the energy industry for many years, focusing on storage solutions. They believe that the subsidiary of his company will uplift EnerVenue’s technology.
The EnerVenue CEO, Heinemann, was happy with the deal. He knew that all the Schlumberger clients would join his startup. Earlier in April 2021, the company also partnered with Hong Kong company Towngas. This is a greater seller of energy-related products in china. So they went to set up their subbranch in the Sinosphere. Towngas will be their main supplier of Metal-hydrogen batteries.
Heineman said, “This is an amazing commercial validation for us at EnerVenue.” He appreciated the fact that those merger companies had seen a gap in the market. As a result, they are working to reduce the cost of proven technology, a report by Forbes.
Gigafactory infrastructure
The energy startup is currently building a large production company in North America. However, they are opting to build another gigafactory in an unknown location.
The CEO said they planned to raise only $50 million to support their infrastructure. But investors were too overwhelmed. So it was the decision of the management and the board to scale up the production plans.
The company made huge progress within a few months until the idea of gigafactory came up. EnerVenue has been running for almost 19 months now. The energy startup recently released its fifth-generation battery design.
Cheap and available raw materials
The raw materials used in the manufacture of the battery can be found anywhere around the globe. This gives them a forehand to manufacture the batteries at any place. The supply will be abundant. The obvious cases of exhaustion of manufacturing minerals will not affect the EnerVenue.
Negotiation with software companies
The company has also engaged in negotiations with the Swell and Arenk software industries. The two companies specialize in automating batteries. Their software allows for recharge of the battery to automatically reduce on-grid charges. Heinemann said the software companies would create special software to manage their batteries. Since their product comes with no lithium-ion, they have to modify the software. The hydrogen battery has a different lifecycle than normal traditional ones.
Many people around the world are working towards curbing the global warming effect. So any business with a future mindset in the world of energy conservation is promising. It’s a matter of time and our effort to change how we deal with the available natural resources.
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