Hong Kong Property Tycoon Peter Lee Leads $300 Million Round In U.S. Battery Startup
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Peter Lee, cochairman of Henderson Land Development and Towngas. Jocelyn Tam for Forbes Asia 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. EnerVenue’s energy storage systems powered by nickel-hydrogen batterie. EnerVenue 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…
Filed under: News - @ March 31, 2026 10:26 am