Hong Kong Property Tycoon Peter Lee Leads $300 Million Round In U.S. Battery Startup

Peter Lee, the cochairman of Hong Kong property-to-energy group Henderson Land, led a $300 million Series B extension round in California-based energy storage startup EnerVenue.

Lee made the investment via Full Vision Capital, his Hong Kong-based family office, EnerVenue said in a statement on Tuesday. The round saw participation from Hong Kong Investment Corp., the city’s government-owned investment company.

EnerVenue said it will establish its regional headquarters in Hong Kong and an R&D center there to draw scientists for materials science research. The startup added that it will use the funding to “further accelerate the large-scale industrial application of the energy storage technology.”

“The capital is crucial for further R&D of our core technologies, ramp-up of large‑scale manufacturing, reinforcement of supply‑chain robustness, and expansion of global commercial reach,” said EnerVenue CEO Henning Rath in the statement. The startup declined to disclose its valuation.

Established in 2020 with a $12 million seed round led by Lee, EnerVenue developed grid-scale energy storage systems (ESS) powered by nickel-hydrogen batteries, cells that are traditionally deployed in space operations due to their ultra durability and tolerance against extreme temperatures.

Grid-scale ESS are critical to AI data centers because they soak up energy from grids during off-peak hours (such as nighttime) or from sun and wind, then discharge it for AI workloads to ensure a stable energy supply and lower electricity bills.

Most ESS today are powered by lithium-ion batteries, which usually require AI data center operators to add new batteries every five to seven years to offset degradation. Lithium-ion batteries also require spacing for thermal runaway and cooling facilities.

EnerVenue’s nickel-hydrogen batteries, meanwhile, are designed to have a 30-year life span, according to the startup. They can also operate in temperatures of up to 60°C without heavy cooling or specialized fire suppression, allowing the batteries to be packed tightly. Moreover, nickel-hydrogen batteries can discharge up to 100% of their capacity without any damage, while lithium-ion batteries are typically limited to 80% to avoid accelerated degradation, EnerVenue said.

EnerVenue has supplied its ESS to energy companies including Australia’s Avid Group, Germany’s RWE, High Caliber Energy and Duke Energy in the U.S., as well as Towngas, the Hong Kong utility cochaired by Lee. Cofounded by Stanford materials science and engineering professor Yi Cui, EnerVenue’s last fundraising was in June 2024, when it secured $308 million from undisclosed investors, according to a filing to the Securities and Exchange Commission. Its other backers include U.S. oil giant SLB (formerly Schlumberger) and Saudi Aramco Energy Ventures.

The startup was among the green tech companies Lee invested in via Full Vision. The cochairman of Hong Kong property developer Henderson Land Development and Towngas disclosed in an interview with Forbes Asia in December that he sees future growth momentum coming from green technologies. His other bets include EcoCeres, a Hong Kong-based unicorn startup that produces sustainable aviation fuel, and StarFive, a Shanghai-headquartered developer of energy-efficient chips.

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