Aramco Ventures-backed EnerVenue targets Middle East market

• EnerVenue closes $300m Series B extension
• Fundraising supports China factory scale-up
• Startup offers long-duration energy storage

Aramco Ventures, the venture capital arm of energy giant Saudi Aramco, has increased its investment support for EnerVenue Holding as the Californian energy startup expands its presence in the Middle East.

“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, without giving any investment specifics.

EnerVenue raised $100 million in Series A funding in September 2021. Last week it closed a $300 million extension of its Series B preferred stock financing round, led by Hong Kong-based Full Vision Capital. 

The fundraising supports the rapid scale-up of EnerVenue’s manufacturing operations in Changzhou, China. In addition, the funds will accelerate supply-chain development and commercial expansion. 

EnerVenue sees significant opportunities in the Middle East, particularly Saudi Arabia, since the company has close business relationships with regional integrators and energy investors, Rath said. 

The region, endowed with strong solar resources, has invested heavily in renewable energy and battery storage. 

The environment is challenging, however, with rapid load growth under high temperatures, Rath added. 

EnerVenue provides long-duration energy storage to capture that vast solar irradiance. The company’s aqueous metal cells — low-cost and environmentally friendly storage devices using water-based electrolytes — deliver high-efficiency operation without the energy-intensive cooling required by lithium-ion batteries. 

Pilot projects

EnerVenue is engaged with several energy-related entities in the region and plans to announce commercial pilot projects in the coming months, Rath said, without disclosing details due to confidentiality terms. 

The startup is scaling its initial manufacturing line in Changzhou, home to one of the world’s largest concentrations of battery manufacturers.

Asked whether the company plans to establish a manufacturing base in the Middle East, Rath said it intends to implement a flexible, regional factory strategy depending on customer demand.

“The model is reflected in strategic planning executed as part of the company’s fundraising efforts,” he said.

Rath said the company cannot disclose information about its investors or whether it has held discussions with GCC sovereign wealth funds. 

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The region is making significant investments in decarbonisation and energy storage, the CEO said. He added that GCC countries are among the world’s most experienced and sophisticated energy investors and have taken a leading role in advancing battery investment.

EnerVenue is open to deepening its ties in the region, Rath said. 

In a 2026 report, the Abu Dhabi-based International Renewable Energy Agency said the largest annual growth in renewable power capacity had taken place in the Middle East, with a 29 percent gain, led by Saudi Arabia.

The GCC market will need to deploy an estimated $60 billion between 2025 and 2030 to reach its goal of an additional 102 gigawatts of renewable energy capacity, the Center on Global Energy Policy said in a report last year.