Hong Kong tycoon-backed start-up bets on new battery to challenge energy-storage giants

EnerVenue, an American start-up founded by Hong Kong billionaire Peter Lee Ka-kit's family office, is set to enter the energy-storage market with a new nickel-hydrogen battery. The California-based company is manufacturing 250 megawatt-hours (MWh) of the batteries annually at a factory in China and plans to double capacity to one gigawatt-hour (GWh) by 2027.

EnerVenue CEO Henning Rath claims the company is "very competitive across the board" in key metrics for battery storage, including safety, sustainability, and long duration.

The company's nickel-hydrogen batteries can withstand harsh environments and do not pose a fire risk due to thermal runaway. Unlike lithium iron phosphate (LFP) batteries, which have a lifespan of 10-15 years and 6,000 charge-discharge cycles, EnerVenue's batteries are expected to last 30 years and complete 30,000 cycles. The technology, previously used in aerospace applications, could outcompete other grid-scale storage options, such as sodium-sulphur batteries, flow batteries, and pumped hydro systems.

Rath predicts EnerVenue's production will expand to multi-GWh scale in 2028 and already has orders for multi-MWh from clients, including a project involving 26 energy prism containers with a combined 11 MWh capacity for an oilfield in northern China. Named one of the top 10 US green technology companies by Time magazine in 2025, EnerVenue focuses on commercializing nickel-hydrogen battery technology and reducing life-cycle costs.

The company plans to expand production to markets like the Middle East and the US. China currently dominates the global energy-storage battery industry, with over 80% market share held by mainland Chinese companies. Global ESS battery demand grew 79% year-on-year to 550 GWh in 2025, according to SNE Research.