Kagrenacs Tools doesnt say much about the forging of Wraithguard, Keening and Sunder.[indent]
Kagrenac forged three great enchanted artifacts, which are called Kagrenac's Tools. Wraithguard is an enchanted guantlet to protect its wearer from destruction when tapping the heart's power. Sunder is an enchanted hammer to strike the heart and produce the exact volume and quality of power desired. Keening is an enchanted blade that is used to flay and focus the power that rises from the heart.[/indent]
I have no theories on the materials used to forge Wraithguard and Sunder- but it did occur to me there is some distict visual similarities between the crystal blade of Keening, and refined Aetherium.
We know that Aetherium once refined was capable of holding immensly powerful enchantments and yet was extremely stable[indent]
while it has a strong magical aura, it is alchemically inert, and no known process can enchant, smelt, mold, bind, or break it. ~ The Aetherium Wars[/indent]
With Aetherium's unique resistant 'anti magic' properties and its power storage potential, would it be possible that the blade of keening is in fact a refined Aetherium shard?
Edit: Thats not to say just any old shard with a hilt slapped on would do the job of Keening- Kagrenac was a master craftsman and no doubt would have woven a great deal of magic and skill into crafting a blade designed to tap the power of the Heart. Just theorising at base materials.
Edit 2: Image references. http://images3.wikia.nocookie.net/__cb58378/elderscrolls/images/3/30/Keening_Skyrim.png http://images3.wikia.nocookie.net/__cb58378/elderscrolls/images/d/d9/AetherialShield.png
I would attribute the glow on the shield to it being freshly forged and well, not beaten up by being used on the Heart of a God several times.
Would be interesting if it is true, Im sure there is a great story in there somwhere as to how a shard of Aetherium - a tightly guarded secret of the Skyrim Dwemer Clans, one that even provoked a Civil war- made it from Skyrim to Morrowind and was made into the Blade.- 400 years after it was refined.
Allthough if anyone was goin to know about, have access to, and make use of it, Kagrenac would be the one.