EnerVenue, Backed by Hong Kong's Lee Family Office, Opens Changzhou Plant to Scale Nickel-Hydrogen Batteries

A Hong Kong tycoon's family office is quietly making a contrarian bet in the crowded global race to store renewable energy. EnerVenue, a California-based startup co-founded by Full Vision Capital — the family office of Peter Lee Ka-kit — has switched on manufacturing in mainland China, betting that a chemistry long confined to aerospace can compete with the lithium-ion giants that dominate the sector.

The company said it can now produce 250 megawatt-hours of nickel-hydrogen batteries annually at its factory in Changzhou, in eastern China's Jiangsu province. It plans to lift that capacity to one gigawatt-hour in 2027. CEO Henning Rath told the South China Morning Post that EnerVenue believes it is "very competitive across the board on key metrics" in the energy-storage segment. No financial terms or valuation figures were disclosed.

To understand why this matters, look at the players. Peter Lee Ka-kit is a member of one of Hong Kong's most prominent business dynasties, and his family office, Full Vision Capital, is the kind of patient, long-horizon investor that does not need quarterly exits. EnerVenue is not a typical venture bet. It is a wager on a different battery chemistry — nickel-hydrogen — at a time when mainland Chinese manufacturers have turned lithium iron phosphate and other lithium-based systems into a low-margin, high-volume commodity. The Changzhou plant places EnerVenue directly inside the world's densest battery supply chain, giving it access to components, engineering talent and logistics that a standalone US factory would struggle to match.

Nickel-hydrogen batteries have historically been used in satellites and other niche applications where longevity and safety matter more than cost per kilowatt-hour. EnerVenue's pitch is that the chemistry can be scaled for grid storage, where durability and fire risk are growing concerns. The company is not naming its competitors, but the segment is dominated by Chinese firms such as CATL and BYD, which have spent years driving down costs. EnerVenue's challenge is to convince utilities and project developers that a less familiar technology can be bankable at scale.

For Asia's wealth landscape, the deal signals two things. First, family offices are moving beyond passive allocations into hard infrastructure and deep tech, using their permanent capital to fund projects that traditional venture funds may find too capital-intensive or slow. Second, Hong Kong capital is continuing to flow into mainland China's advanced manufacturing sector, even as geopolitical tensions reshape supply chains elsewhere. The combination of a Hong Kong family office, a US-incorporated startup and a Chinese factory is a distinctly Asian capital structure — one that leverages cross-border networks rather than choosing sides.

The energy-storage market is expected to grow sharply as solar and wind penetration rises, and grid operators need ways to smooth intermittent supply. If EnerVenue can hit its 2027 target and prove its cost curve, it will have done something rare: introduced a new chemistry into a market that has already picked its winners. If it cannot, the Changzhou plant will still stand as a reminder that Asia's wealthiest families are willing to fund the unproven. The next two years will show whether patience pays.