Aramco Ventures-backed EnerVenue targets Middle East market

EnerVenue Holding, backed by Aramco Ventures, is accelerating its Middle East push after closing a $300 million extension of its Series B preferred stock financing round led by Hong Kong-based Full Vision Capital. The California-based long-duration energy storage startup said the fundraising will support rapid scale-up of manufacturing in Changzhou, China, and accelerate supply-chain development and commercial expansion as it targets markets in the Gulf, particularly Saudi Arabia.

"Aramco Ventures was an early investor starting with Series A and has participated in subsequent opportunities," EnerVenue’s newly appointed CEO Henning Rath told AGBI, underscoring the deepening ties between the startup and Saudi Aramco's venture arm.

EnerVenue said the Series B extension follows a $100 million Series A round raised in September 2021. The company makes aqueous metal cells — low-cost, water-based electrolyte storage devices — designed to provide long-duration energy storage with high-efficiency operation and without the energy-intensive cooling systems required by lithium-ion batteries.

Company plans and regional positioning

Rath described significant opportunity in the Middle East, citing close business relationships with regional integrators and energy investors. He noted the region's strong solar resource base and heavy investment in renewables and battery storage, but added that deployment faces operational challenges such as "rapid load growth under high temperatures."

• Funding: $300 million Series B extension led by Full Vision Capital; prior Series A of $100 million in September 2021.
• Manufacturing: Scale-up of an initial line in Changzhou, China, a hub for battery manufacturing.
• Technology: Aqueous metal cells aimed at long-duration storage without intensive cooling.
• Regional focus: Plans for commercial pilot projects in the Middle East, with particular emphasis on Saudi Arabia.

EnerVenue is already engaged with several energy-related entities in the region and said it will announce commercial pilot projects in the coming months, though Rath declined to disclose details citing confidentiality. On future manufacturing footprint, he said the company intends to implement "a flexible, regional factory strategy depending on customer demand" and that "the model is reflected in strategic planning executed as part of the company’s fundraising efforts."

Rath also said EnerVenue could not disclose information about all its investors or whether it has held discussions with GCC sovereign wealth funds. He highlighted that GCC countries "are among the world’s most experienced and sophisticated energy investors" and have taken a leading role in advancing battery investment.

Outlook

Regional momentum supports EnerVenue’s ambitions: a 2026 IRENA report cited by the company showed the Middle East led the largest annual growth in renewable power capacity at 29 percent, led by Saudi Arabia. Meanwhile, the Center on Global Energy Policy has estimated the GCC market will need to deploy about $60 billion between 2025 and 2030 to add an additional 102 gigawatts of renewable energy capacity. EnerVenue’s technology and recent capital infusion position it to pursue pilot deployments and potentially expand manufacturing or partnerships in the Gulf as demand for long-duration storage grows.