e-Zinc has raised USD $31 million to accelerate product development and complete the construction of its 42,000 sq. ft pilot manufacturing facility in Mississauga.
Based in Toronto, e-Zinc is a zinc-air battery company. The company’s energy storage system can be up to 80 percent less expensive than comparable lithium-ion systems for long-duration applications.
Importantly, e-Zinc’s energy storage system can operate in cold and hot climates, and is made of abundant and recyclable materials.
This Series A2 funding round was follow-on to its $25 million Series A round and 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 is partnering with Toyota Tsusho Canada 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.”