e-Zinc secures $25m to advance long-duration energy storage
e-Zinc, an electrochemical technology company, has announced $25 million raised in series A financing.
e-Zinc will use the funding to commence pilot production of its first commercial energy storage systems for field deployment.
The investment decision comes as e-Zinc has validated that its zinc-air battery can discharge energy for several days at rated power, compared to only a few hours for most other battery types.
e-Zinc CEO, James Larsen, commented on the announcement in a statement, “With this Series A financing, we now have the opportunity to execute high-value commercial pilot projects that provide in-field validation for our batteries.”
The financing is led by Anzu Partners with additional funding from BDC Capital, Toyota Ventures, and Eni Next. Existing investors, including Seed Round lead investor Energy Foundry, also participated.
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Investor breakdown
Toyota Ventures will provide guidance to help e-Zinc scale its manufacturing and supply chain efforts.
Eni Next is the corporate venture capital vehicle of Eni, which has extensive global renewable energy assets, where e-Zinc can potentially deploy its technology.
Anzu Partners and BDC Capital offer deep technical, investment, and operational acumen that will assist e-Zinc in developing its business strategy and commercialising its technology.
David Michael, Managing Partner at Anzu Partners, commented on their decision, “Anzu sees tremendous potential in zinc-air batteries to support renewable energy in both on- and off-grid applications.
“We are enthusiastic about e-Zinc’s vision for a renewable energy future, and we look forward to supporting the company to demonstrate the value of its technology in real-world settings.”
“While it is clear that electrification has a key role to play in our journey towards decarbonisation, we must ensure that there is an ample and affordable supply of clean energy to the grid,” added Lisa Coca, partner, Climate Fund at Toyota Ventures.
“Despite solar and wind deployments being on track to hit record highs, it is critical to address the issue of intermittency, which is why we are excited to support e-Zinc. The company’s (…) battery architecture decouples energy from power to enable cost-effective, long duration energy storage – bringing us one-step closer to a zero-carbon future.”
Paired with renewable energy sources, e-Zinc has stated that it can enable a 100% renewable energy future.
