Enzinc, an advanced zinc battery developer, raised $8 million in a Series A funding round led by TO VC, with participation from American Century Investments (ACI), which led Enzinc’s seed round.
Enzinc develops rechargeable nickel-zinc batteries, and according to the company, its technology enables lead-acid battery manufacturers to leverage the existing 400 GWh of global manufacturing capacity to make batteries without a significant capital investment.
Zinc-based batteries have been traditionally limited due to dendrite formation, which is an uneven deposition of zinc in the battery charging process that can cause a short circuit between the anode and the cathode, shortening the cycle life of the batteries.
“The U.S. can leverage its global leadership in lead-acid battery manufacturing capacity to position itself as a leader in advanced battery manufacturing without investing billions of dollars in Giga scale factories. We invest in companies that are building earth’s most vital ventures, and energy storage is one of the most powerful areas of innovation to get to net zero greenhouse gas emissions. Enzinc’s technology unlocks the ability to transform these existing factories into powerhouses for advanced batteries,” said Joshua Phitoussi, co-founder and managing partner at TO VC.
The funding will enable Enzinc to scale production, expand partnerships, and bring its zinc-based battery technology to market. The company recently launched its Manufacturing Technology Center in Oakland, California, to provide zinc batteries for mobility and stationary energy storage applications.
According to Mercom’s 9M and Q3 2024 Funding and M&A Report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease year-over-year compared to $8.6 billion in 68 deals in 9M 2023.
In July, e-Zinc, a developer of zinc-air-based long-duration energy storage solutions, raised an additional $31 million in Series A2 financing. This funding round was led by Evok Innovations, with additional investments from Mitsubishi Heavy Industries, Export Development Canada (EDC), and Ultratech Capital Partners.
