EnerVenue, a startup, is in the process of raising $515 million in fresh equity for its gigawatt-scale factory in Kentucky to produce nickel-hydrogen batteries, as detailed in an SEC filing. The company aims to revolutionize renewable energy storage by using nickel-hydrogen batteries, initially developed for space applications, with durability and cost-effectiveness in mind. EnerVenue's technology, led by Stanford University professor Yi Cui, has the potential to significantly reduce the cost per kilowatt-hour below $80 when produced at scale. Despite being less energy-dense than lithium-ion batteries, nickel-hydrogen batteries offer advantages such as temperature resilience, eliminating the need for costly cooling systems, making them attractive for utility companies coping with excess renewable power. The successful fundraising of $515 million signals investor confidence in EnerVenue's innovative approach to long-duration energy storage. The challenges faced by hardware-based climate tech companies in scaling up are acknowledged, with the need for substantial investment to build large-scale projects like the Kentucky factory. EnerVenue's ability to secure significant funding for its Series B round indicates optimism in the company's ability to overcome these challenges. The focus now shifts to completing the factory, ramping up production, and introducing their nickel-hydrogen batteries to the renewable energy market.