Henning Rath has joined EnerVenue as CEO, bringing experience from Enpal and other clean tech firms
The company raised a $300 million Series B extension to scale manufacturing and supply chains
EnerVenue’s lithium-free battery uses nickel-based chemistry, targeting grid-scale storage
Henning Rath, a long-time executive resource at the German solar systems and heat pumps company Enpal, has moved to the energy storage industry. Rath is now the Chief Executive Officer (CEO) of California-based EnerVenue Holdings.
Rath joined the German Greentech unicorn Enpal in March 2020 and led the company as its Managing Director and Chief Supply Chain Officer. He will continue to be associated with Enpal as a Board Member.
A Master of Business Administration at UoAS Muenster, Rath previously worked with theion, AutoFlight, Circ, among others.
Rath joins EnerVenue as the company closed a $300 million extension of its Series B preferred stock financing round. Led by Full Vision Capital, this extension round includes an additional new investor.
EnerVenue credits Rath will guiding the company to this funding milestone. Proceeds will enable it to transition from ‘advanced technology maker to high-volume manufacturing industrial leader’.
“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.”
Aramco Ventures-backed EnerVenue has developed lithium-free energy storage technology using Aqueous Metal Cell (AMC) with nickel hydroxide cathode and a nickel alloy anode in an alkaline electrolyte. Once charged, it produces hydrogen gas that’s stored inside a sealed, large format cell. On discharge, hydrogen reaction is reversed.
It claims that since there is no lithium, its energy storage system (ESS) does not require any active thermal management. The product is suitable for both hot and cold climates as it has been tested in the lab at -20°C to 60°C.
Steel, nickel, fiberglass, resin, and water are the main raw materials hence EnerVenue says its technology is not dependent on any critical minerals that could be subject to international supply constraints. Nickel used can be recovered at the end of life and reused.
“The most durable and resilient battery ever built for grid-scale deployment,” the company claims. The $300 million funding will also enable it to accelerate supply chain development and commercial expansion. EnerVenue’s future plans include expansion of its commercial operations across Asia, the Middle East, and Europe.
Rath said, “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.