e-Zinc Secures USD $31M in Series A2 Funding to Advance Commercialization Initiatives
27 June 2024 - 11:00PM
Business Wire
New financing will enable e-Zinc to complete
its pilot manufacturing facility and begin deploying commercial
pilot projects of its long-duration energy storage system
e-Zinc, the company enabling sustainable, long-duration energy
storage with its zinc-air battery, today announced it has raised an
additional USD $31 million in follow-on funding to its $25 million
Series A round. This oversubscribed Series A2 round was led by Evok
Innovations, with additional investments from Mitsubishi Heavy
Industries, Export Development Canada (EDC), and Ultratech Capital
Partners. e-Zinc’s existing shareholders also participated,
including Toyota Ventures, Eni Next, Anzu Partners, BDC, and
Graphite Ventures. e-Zinc plans to use this financing to accelerate
product development and complete the construction of its 42,000 sq.
ft pilot manufacturing facility in Mississauga, Ontario.
Massive amounts of renewable energy are required to enable a
zero-carbon future. However, for renewable energy to become a
baseload source of clean electricity, further investment in
flexible and inexpensive long-duration energy storage solutions is
critical. This funding will accelerate e-Zinc’s establishment of a
manufacturing base that will enable commercialization of its
long-duration energy storage solution, which promises lower cost
and increased safety compared to conventional batteries.
e-Zinc is partnering with Toyota Tsusho Canada Inc. and the
California Energy Commission to demonstrate how e-Zinc’s energy
storage systems can reliably provide long-duration energy storage
at commercial scale. By using this new investment to carry out
these field demonstration projects, e-Zinc will validate that its
zinc-air batteries have the capability to store 24 hours of energy,
which is approximately 10x that of traditional batteries.
“With this new investment, we are well positioned to transition
to a production-oriented stage and focus on our operational
excellence,” said James Larsen, CEO of e-Zinc. “Following the
upcoming pilot demonstrations and the validation of our
manufacturing processes, we will have proven the advantages of our
innovative energy storage solution and the infrastructure needed to
bring our proprietary technology to market at commercial
scale.”
“e-Zinc has the potential to revolutionize the long duration
energy storage market,” said Jane Kearns, Partner at Evok
Innovations. “The company’s ability to scale durations at very low
cost sets it apart from competitors and makes it an extremely
attractive solution for both off- and on-grid applications. Evok is
excited about the company’s mission to accelerate the clean energy
transition and enable a net zero future, and the Evok team looks
forward to supporting the company as it works to achieve this
mission.”
e-Zinc also recently expanded its executive leadership team with
the addition of Rhonda Landers, Chief Financial Officer; Zakiul
(Zaki) Kabir, Chief Technology Officer; Rob Howard, Chief Operating
Officer; and Balakrishnan (Balki) Iyer, Chief Commercial Officer.
Each brings a deep understanding of the energy technology industry
and experience developing and scaling operations for innovation-led
organizations, in addition to sharing e-Zinc’s commitment to
leading the energy transition toward a zero-carbon future. Their
combined leadership along with this new financing will allow e-Zinc
to grow and advance from its product development phase to
commercialization.
About e-Zinc
e-Zinc is a purpose-driven energy storage solutions company
based in Toronto, Canada, that is winning domestic and
international awards and stacking world-class investors and
advisers. Its unique zinc-based long-duration energy storage
technology is enabling a reliable transition away from fossil fuel
powered energy sources and providing the platform for the world’s
energy markets to be fully powered by renewable energy. By
utilizing zinc as the base metal in our technology, e-Zinc delivers
a product that holds energy for multiple days, and can safely and
reliably perform in the world’s harshest environments. In addition,
zinc is light on impact to the planet, readily available, and
inexpensive because of its abundance, ubiquity and recyclability.
www.e-zinc.ca.
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version on businesswire.com: https://www.businesswire.com/news/home/20240627399266/en/
Media: Brandon Reid brandon.reid@e-zinc.ca