Fremont, California-based EnerVenue has appointed Henning Rath as chief executive officer and closed a $300 million extension of its Series B preferred stock financing. The round was led by Full Vision Capital and will fund the company’s transition from advanced battery developer to high-volume manufacturer of lithium-free energy storage systems.
Highlights
- New CEO Henning Rath brings experience scaling billion-dollar companies in the global energy sector, most recently as managing director and chief supply chain officer at German solar provider Enpal.
- $300 million Series B extension led by Full Vision Capital fully funds near-term capacity targets of 250 MWh and a mid-term target of 1 GWh.
- Manufacturing scale-up in Changzhou, China will begin with a 250 MWh high-volume production line, with construction set to start in 2026.
- EnerVenue’s fourth-generation Aqueous Metal Cell (AMC) technology offers a 30,000-cycle design life — equivalent to three cycles per day for 30 years — with no lithium and no thermal runaway risk.
Leadership and Investor Confidence
Rath joined EnerVenue after serving as managing director and chief supply chain officer at Enpal, Germany’s largest residential renewable energy provider. Before Enpal, he co-founded CIRC, an e-scooter startup later acquired by Bird. He holds a bachelor’s in industrial engineering and an MBA from UoAS Muenster, with additional studies at Stanford and Harvard.
“Henning’s leadership has been pivotal in positioning EnerVenue for this growth phase,” said Dr. Yi Cui, chairman of EnerVenue. “His strategic vision and operational credibility were instrumental in building investor confidence and closing this significant round. His deep expertise in industrial scaling and global market execution is exactly what EnerVenue needs to achieve its ambitious manufacturing and deployment goals.”
Rath framed the capital as a foundation for aggressive expansion. “This $300 million extension of Series B preferred stock funding is a testament to the strength of EnerVenue’s technology and the entire team’s execution,” said Rath. “This capital provides the foundation to invest decisively in our technology roadmap, secure the supply chain for gigawatt-scale production, and build a robust global customer footprint. Our short and mid-term capacity targets of 250 MWh and 1 GWh are now fully funded.”
Manufacturing Strategy: Changzhou and Silicon Valley
The funding will support rapid scale-up of manufacturing operations in Changzhou, China, a region known for concentrated battery production expertise. EnerVenue said the shift allows it to optimize cost structures and serve its expanding global customer base more efficiently.
R&D operations will remain in Silicon Valley, focused on enhancing the company’s AMC technology. The cells use a water-based electrolyte and a proprietary catalyst that replaces platinum, enabling automated, high-volume production at lower cost than earlier nickel-hydrogen systems used in aerospace applications.
EnerVenue was recognized on TIME’s World Top GreenTech Companies list for 2025, ranking second globally in the energy storage and distribution category and 10th overall among U.S. greentech firms.
Global Expansion and Strategic Backing
The company plans to expand commercial operations across Asia, the Middle East, and Europe in the coming months. A new regional headquarters in Hong Kong will coordinate sales across the Asia-Pacific region, alongside an innovation center focused on materials research.
Strategic investors include Aramco Ventures, the venture capital arm of Saudi energy firm Aramco. “We see EnerVenue’s high potential for its disruptive energy storage technology that can transform the reliability and safety of critical infrastructure and utilities at scale,” said Ionel Nechiti, investment director at Aramco Ventures.
Alan Chan, managing partner at Full Vision Capital — which co-founded EnerVenue and led this round — pointed to the combination of leadership and technology fundamentals behind the investment. “Rath’s proven track record and clear operational strategy for scaling EnerVenue were critical factors in our investment decision,” said Chan. “This partnership and new capital will enable the critical investments needed to establish EnerVenue as a global player in long-duration energy storage.”
Technology Profile
EnerVenue’s AMC technology traces its origins to NASA nickel-hydrogen batteries, later refined at Stanford University. The company’s fourth-generation cells offer several advantages over lithium-ion systems for stationary storage:
- 30,000-cycle design life — roughly 30 years at three cycles per day
- No lithium content — water-based electrolyte eliminates thermal runaway and fire propagation risk
- Minimal maintenance requirements over the system’s operational life
- Discharge durations of up to 12 hours or more for long-duration applications
- UL1973 and IEC63115-2 safety certifications achieved
Target applications include grid-scale energy storage, renewable energy shifting, and power supply for AI data centers. EnerVenue currently has pilot projects in China, Australia, the United States, and the European Union.
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