Peter Lee's greentech unicorn EnerVenue raises US$300 mln for non-lithium battery

EnerVenue, the Peter Lee Ka-kit-backed energy storage firm, has raised US$300 million (HK$2.34 billion) in Series B preferred stock financing on Tuesday to accelerate its non-lithium battery technology.

The company is incubated by Full Vision Capital, founded by Lee, the chairman of Henderson Land Development (0012), and was named one of TIME's America's Top 10 GreenTech Companies of 2025. It also appointed Henning Rath as chief executive officer on the same day.

The new capital aims to speed up the large-scale industrialization of the company's Aqueous Metal Cell (AMC) batteries, a non-lithium chemistry with engineering heritage in aerospace applications. It plans to establish a regional headquarters in Hong Kong to oversee sales across Asia, along with an innovation center dedicated to advancing materials research and fostering local talent through university partnerships.

AMC batteries are engineered to be inherently safer, requiring minimal maintenance, according to the company, with a lifespan of 30,000 cycles –about three cycles daily for 30 years– making them well-suited for grid-scale energy storage, renewable energy shifting, and AI data centers.

The company said it has received strong support and recognition from the Hong Kong Investment Corporation, and with their partnership, it hopes to leverage Hong Kong's pivotal role as a global green-technology and green-finance hub, further advancing the city's standing as an international technology and innovation center.

Gloria Leung