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EnerVenue, a startup that has developed an alternative to lithium-ion batteries for long-duration renewable energy storage, is raising $515 million in fresh equity, per an SEC filing seen by TechCrunch. The company is in the process of building a gigawatt-scale factory in Kentucky to produce its nickel-hydrogen batteries, an endeavor that’s estimated to cost $264 million. So far, EnerVenue has raised $308 million of the $515 million target, the filing says. Nickel-hydrogen batteries aren’t as energy dense as lithium-ion, meaning they won’t be competing for space in electric vehicles quite yet. The next challenge will be completing the factory, scaling production and sending its novel batteries out into the world.