Peter, co-chairman of Hong Kong property-to-energy group Henderson Land, made the investment through his family office Full Vision Capital, EnerVenue announced in a statement on Tuesday, as reported by Forbes.

The California-based startup said the funding will "further accelerate the large-scale industrial application of the energy storage technology," adding that it plans to establish a regional headquarters and a research and development center in Hong Kong to attract materials science talent.

Founded in 2020 with a $12 million seed round led by Peter, EnerVenue develops grid-scale energy storage systems for AI data centers using nickel-hydrogen batteries, which are known for durability and tolerance to extreme temperatures and have traditionally been used in space operations.

The company has supplied its systems to clients including Australia’s Avid Group, Germany’s RWE, U.S.-based High Caliber Energy and Duke Energy, as well as Towngas, a Hong Kong utility co-chaired by Peter.

Peter Lee, the elder son of the late billionaire Lee Shau Kee. Photo by Reuters

Peter, 62, and his brother Martin Lee, 55, became co-chairmen of Henderson Land and Towngas in 2019, taking over from their father years before his death in March 2025. Forbes recently ranked the family as Hong Kong’s second-richest, with a combined net worth of $34.9 billion.

EnerVenue is among several green technology investments made by Peter through Full Vision Capital. In a December interview with Forbes Asia, he said future growth would be driven by green technologies.

His other investments include EcoCeres, a Hong Kong-based startup producing sustainable aviation fuel, and StarFive, a Shanghai-based developer of energy-efficient chips.