ZincFive, a nickel-zinc battery-based solutions company, has raised $54 million in Series D funding, bringing the company’s total investment to $139 million to date.

The company will use the funds to expand its presence in the existing markets, including critical applications in data centers, intelligent transportation, and industrial engine starting. It also plans to increase the annual production capacity and provide the growth capital to enter new high-power energy segments and geographies.

“It is great to see our current investors returning in the Series D round as well as to welcome new investors who recognize the current commercial success and substantial future company growth,” said ZincFive Co-founder and CEO Tim Hysell. “We are grateful to the investor community for their fervent support of ZincFive’s mission and global expansion. We look forward to continuing to bring innovative nickel-zinc technology to the market.”

Helios Climate Ventures led the funding round with additional participation from existing investors Senator Investment Group and Standard Investments. New investors who participated in the round include OGCI Climate Investments and Japan Energy Fund, among others.

“ZincFive’s nickel-zinc battery energy storage solutions are powerful, reliable, safe, and highly sustainable, having significantly lower end-to-end climate impact than alternative battery chemistries. As a result, the market is responding with commercial demand spiking and the customer roster rapidly expanding.” Says Jesse Johnson, Managing Director at Helios Climate Ventures.

Earlier this year, ZincFive partnered with Kaizen Clean Energy (KCE) to develop a microgrid solution for EV charging, hydrogen fuelling, and backup power for the grid and critical assets, including data centers, where the company’s nickel-zinc batteries along with KCE’s hydrogen generators and fuel cells from PowerCell will be used for stationary and mobile applications offering customers modular, scalable, sustainable, and economic fuelling as a service.

According to Mercom’s 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency. VC funding in Energy Storage in 9M 2022 fell by over 44%, with $4 billion in 73 deals compared to $7.2 billion in 60 deals in 9M 2021.