The two partnerships secure EnerVenue’s plating equipment and materials supply, dramatically accelerating the company’s high-scale battery production to meet exceptional customer demand
FREMONT, Calif., June 29, 2022 (GLOBE NEWSWIRE) -- EnerVenue, the first company to bring metal-hydrogen batteries capable of 30,000 cycles to the clean energy revolution, today announced it has completed agreements with Precision Process and Precious Plate. The deals with the companies, both of whom are owned by the same governance entity, enable EnerVenue to secure its plating equipment and materials supply requirements and to achieve an accelerated pathway to high-scale battery production.
Under the first agreement, Precision Process will serve as EnerVenue’s exclusive supplier of plating manufacturing equipment. Precision Process will build all plating lines to be installed at EnerVenue’s current and future manufacturing sites, per the terms of this five-year deal.
Under the second five-year agreement, Precious Plate will exclusively supply EnerVenue with plated anode materials – essential to the manufacturing of EnerVenue’s battery vessels.
With these agreements in place, EnerVenue has established a secure supply of plating equipment and materials, as well as price certainty, as the cleantech company rapidly outgrows its startup stage and shifts into high-volume production.
“Establishing proven, scalable, and expertly-designed and managed manufacturing practices – as well as long-term equipment and material supplies – are critical as we scale,” said Frank Blohm, COO, EnerVenue. “By partnering with the trusted commercial plating experts at Precision Process Equipment and Precious Plate, we’ve reaffirmed our path for efficient, high-speed battery production that will meet our growth goals now and well into the future.”
EnerVenue is able to tap into its partners’ wealth of experience as commercial plating material and equipment providers. Precious Plate has established a dedicated manufacturing location in Niagara Falls, NY to ensure the protection of EnerVenue’s intellectual property, and provide an exclusive operational commitment. The facility will expand EnerVenue’s anode production capacity to five gigawatt hours (GWh) annually by 2026. Additional land has also been secured to support in excess of 10 GWh annually as EnerVenue grows. Precious Plate is currently hiring to fill a variety of high-quality roles at the facility.
“Precious Plate Inc. and Precision Process Inc. combine to offer a unique synergy with expertise in custom equipment design & build, electroplating experience, and operational excellence. Additionally, because we have the requisite know-how and available physical resources, we are well-positioned to scale rapidly and service the clean energy storage market,” said Scott Law, President, Precious Plate. “We are excited to align with EnerVenue to supply into the rapidly expanding stationary storage market, and we look forward to growing with EnerVenue in the coming years.”
Following a $125 million oversubscribed Series A funding round completed in late 2021, EnerVenue’s differentiated battery technology has seen increasing demand. Among its most recent deals, EnerVenue announced a four-year agreement with Pine Gate Renewables to supply 2400 MWh as a strategic lithium-ion alternative to grid-scale energy storage. The company also announced a 420 MWh deal to support Sonnell Power Systems in Puerto Rico.
EnerVenue builds simple, safe, and cost-efficient energy storage solutions for the clean energy revolution. Based on technology proven over decades under the most extreme conditions, EnerVenue batteries are refined and scaled for large renewable energy integration applications. The company is headquartered in Fremont, California.
About Precious Plate Inc.
Precious Plate is a reel-to-reel, roll-to-roll electroplating company located in Niagara Falls, NY. A pioneer in precise precious metal plating development, Precious Plate uses proprietary plating chemistries and processes to apply very thin layers of electroplated metals to greatly enhance the performance of a variety of base materials. Precious Plate has been at its Niagara Falls location since 1979 and currently operates 24 reel-to-reel and roll-to-roll plating lines, employing160 employees. They provide plated components predominantly used in Automotive, Solar, Fuel Cell, Electronics, and Communications markets.
About Precision Process Inc.
Precision Process, designs, builds and installs custom reel-to-reel and roll-to-roll plating equipment for a variety of applications. They currently employ 55 employees and have installed 220 equipment sites around the globe.