Aramco, Schlumberger lead a financing round for a hydrogen battery company

APP News Agency

17th Sep, 2021. 01:52 pm
Saudi Aramco

Saudi Aramco– File photo

RIYADH: EnerVenue, the first company to offer metallic hydrogen batteries, announced that it has raised $100 million in Series A funding, led by Schlumberger New Energy and Saudi Aramco Energy Ventures (SAEV), Aramco Ventures’ capital programme, Arab News quoted the company, as saying, in a statement.

EnerVenue has established a framework for a major distribution and manufacturing agreement with Schlumberger, which will contribute to the wider availability of its batteries in the global markets.

The company develops robust, flexible, and secure battery energy storage solutions based on technology proven over decades of use under the most extreme flight conditions, including operating the International Space Station and the Hubble Space Telescope.

Enervenue was created in 2020 to bring the proven advantages of the metallic hydrogen battery into the electrical grid and other power applications, after a series of developments to significantly reduce the cost and increase the availability of raw materials for the technology created by NASA in this field.

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