Zinc-based battery chemistries are gaining traction in the long-term energy storage sector. One contender, e-Zinc raised $25 million in Series A financing last week, led by Anzu Partners, with additional funding from BDC Capital, Toyota Ventures, and Eni Next. e-Zinc will use this funding to commence the pilot production of its first commercial energy storage systems for field deployment.
As reliance on intermittent renewable energy increases across the world, there is higher demand for long-duration energy storage assets that enhance the reliability and resiliency of renewable energy assets. e-Zinc recently 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. Paired with renewable energy sources, e-Zinc’s battery can enable a 100 percent renewable energy future.
In the near-term, e-Zinc aims to displace diesel generators as low-emission alternatives for half-day to five-day backup power use cases. e-Zinc’s battery can also be paired with solar arrays. For example, e-Zinc is partnering with the California Energy Commission to show how e-Zinc’s battery can power businesses through multi-day outages caused by natural disasters such as wildfires, earthquakes, or floods.
“Since raising seed funding in 2020, we have refined our technology and achieved many critical technical milestones, such as demonstrating how our system pairs to solar and grid generation, developing the Balance of System (BoS), and implementing a software and controls layer,” said James Larsen, CEO of e-Zinc. “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.”
e-Zinc’s Series A investors include leading firms that will serve as valuable partners and advisors to drive growth for the company. 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, one of the world’s largest energy companies with renewable energy assets across the globe where e-Zinc can potentially deploy its technology. Anzu Partners and BDC Capital offer deep technical, investment, and operational expertise that will assist e-Zinc in developing its business strategy and commercializing its technology.
“Anzu sees tremendous potential in zinc-air batteries to support renewable energy in both on- and off-grid applications,” said David Michael, Managing Partner at Anzu Partners. “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.”