e-Zinc, an electrochemical technology developer of energy storage solutions, announced that it had closed a $7 million venture debt facility with Silicon Valley Bank.
The company intends to use the funds to speed up its commercialization efforts and execute commercial pilot projects that provide in-field validation for its zinc-air batteries.
In April this year, e-Zinc, raised $25 million in Series A financing. The financing round was led by Anzu Partners, with additional funding from BDC Capital, Toyota Ventures, and Eni Next.
The venture debt facility is expected to provide a financial buffer for the company to expand manufacturing operations at its new facility in Mississauga, Ontario.
According to the company, the upcoming pilot projects will help validate that their sustainable zinc-air battery can reliably provide long-duration energy storage for several days, compared to only a few hours for most other battery types.
e-Zinc aims to displace diesel generators as the standard low-emission alternative and eventually help achieve a 100 percent renewable energy future by pairing its battery with renewable energy sources.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, VC funding in Smart Grid companies in 1H 2022 was 58% higher, with $731 million compared to the $463 million raised in 1H 2021.
Earlier this month, Form Energy, an iron-air-based battery systems provider, raised $450 million in a Series E financing round led by TPG’s global impact investing platform, TPG Rise, with additional participation from GIC and Canada Pension Plan Investment Board.