Climate Insider Brief:

•  e-Zinc secures USD $31 million in additional funding, following a successful Series A round totaling $25 million, led by Evok Innovations, with contributions from Mitsubishi Heavy Industries, EDC and others. 
• Their zinc-air battery technology promises enhanced affordability and safety compared to conventional batteries, targeting both off-grid and on-grid applications.
• Collaborating with Toyota Tsusho Canada Inc. and the California Energy Commission, e-Zinc plans to showcase its technology’s scalability and reliability in storing energy for up to 24 hours—ten times longer than traditional batteries.

e-Zinc, a Toronto-based company specializing in long-duration energy storage through its zinc-air battery technology, has secured an additional USD $31 million in follow-on funding. This funding, which complements its earlier Series A round totaling $25 million, was oversubscribed in a Series A2 round led by Evok Innovations. Additional contributions came from prominent investors including Mitsubishi Heavy Industries, Export Development Canada (EDC), and Ultratech Capital Partners, alongside participation from existing shareholders such as Toyota Ventures, Eni Next, Anzu Partners, BDC, and Graphite Ventures. The capital infusion will bolster e-Zinc’s efforts to advance product development and finalize the construction of a 42,000 sq. ft pilot manufacturing facility in Mississauga, Ontario.

The funding arrives at a critical juncture as the global demand for renewable energy escalates, necessitating scalable and cost-effective solutions for long-duration energy storage. e-Zinc aims to leverage this financial backing to establish a robust manufacturing base, facilitating the commercialization of its energy storage systems which promise enhanced affordability and safety compared to conventional batteries.

In collaboration with Toyota Tsusho Canada Inc. and the California Energy Commission, e-Zinc is set to demonstrate the scalability and reliability of its zinc-air battery technology at commercial scale. This initiative seeks to validate the capability of e-Zinc’s systems to store energy for up to 24 hours—approximately ten times longer than traditional batteries.

James Larsen, CEO of e-Zinc, expressed confidence in the company’s trajectory: “With this new investment, we are well positioned to transition to a production-oriented stage and focus on our operational excellence. Following the upcoming pilot demonstrations and validation of our manufacturing processes, we will demonstrate the advantages of our innovative energy storage solution and the infrastructure needed to bring our proprietary technology to market at commercial scale.”

Jane Kearns, Partner at Evok Innovations, highlighted e-Zinc’s potential to reshape the long-duration energy storage landscape: “e-Zinc’s ability to scale durations at a low cost positions it uniquely in the market, appealing to both off-grid and on-grid applications. Evok is committed to supporting e-Zinc in accelerating the clean energy transition and achieving a net zero future.”

In tandem with its funding announcement, e-Zinc expanded its executive team to include Rhonda Landers as Chief Financial Officer, Zakiul Kabir as Chief Technology Officer, Rob Howard as Chief Operating Officer, and Balakrishnan Iyer as Chief Commercial Officer. This leadership augmentation reflects e-Zinc’s strategic focus on advancing from product development to full-scale commercialization, underpinned by their collective expertise in energy technology and operational scaling.

About e-Zinc

e-Zinc, headquartered in Toronto, Canada, is at the forefront of energy storage solutions with its zinc-based technology. Recognized domestically and internationally, e-Zinc’s innovation supports the transition from fossil fuels to renewable energy sources by enabling reliable, long-duration energy storage. The company’s zinc-air batteries offer extended storage capabilities spanning multiple days, ensuring robust performance even in challenging environments. Moreover, zinc’s abundance, recyclability, and environmental friendliness contribute to e-Zinc’s commitment to sustainable energy solutions. For more information, visit www.e-zinc.ca.

News Source: Businesswire

Featured Image: Credit: e-Zinc