e-Zinc Raises Additional $31 Million in Series A2 Funding

e-Zinc, a developer of zinc-air-based long-duration energy storage solutions, raised an additional $31 million in Series A2 financing. 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. Existing shareholders, including Toyota Ventures, Eni Next, Anzu Partners, BDC, and Graphite Ventures, also participated in this round.

This funding will be used to accelerate the development of e-Zinc’s manufacturing base, with plans to enable the commercialization of its long-duration energy storage solution.

In 2022, e-Zinc raised $25 million in Series A funding. Anzu Partners led the financing round, which included additional funding from BDC Capital, Toyota Ventures, and Eni Next.

The company has started partnering with Toyota Tsusho Canada and the California Energy Commission to demonstrate the reliability of its energy storage system using field demonstration projects, which are expected to validate that the zinc-air batteries can store energy for 24 hours.

“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.”

According to Mercom’s Q1 2024 Funding and M&A Report for Storage & Smart Grid, VC funding for Energy Storage companies increased by 9% year-over-year, with $1.2 billion in 23 deals in Q1 2024 compared to $1.1 billion raised in 19 deals in Q1 2023.

Last year, ZincFive, a nickel-zinc battery-based solutions company, raised $54 million in Series D funding, bringing its total investment to date to $139 million. The company will use the funds to expand its presence in existing markets, including critical applications in data centers, intelligent transportation, and industrial engine starting.