e-Zinc, a Toronto-based company, has successfully raised $31 million USD in a Series A2 funding round.
This round was led by Evok Innovations and supported by Mitsubishi Heavy Industries, Export Development Canada (EDC), and Ultratech Capital Partners. Existing investors, including Toyota Ventures, Eni Next, Anzu Partners, BDC, and Graphite Ventures, also participated.
Funding to Accelerate Pilot Plant and Commercial Projects
The funding will enable e-Zinc to complete its 42,000 square foot pilot plant in Mississauga, Ontario, and launch commercial pilot projects.
The company is focused on developing and commercializing its zinc-air batteries, known for their cost-effectiveness and enhanced safety compared to traditional solutions. This project aligns with Ontario’s strategy to invest in decarbonized production.
Strategic Partnerships for Commercial Validation
e-Zinc is collaborating with Toyota Tsusho Canada Inc. and the California Energy Commission to validate its energy storage systems at a commercial scale.
These projects will demonstrate the zinc-air batteries’ ability to provide reliable energy over extended durations, approximately 10 times longer than conventional batteries.
Competitive Advantages and Focus on Operational Excellence
With this funding, e-Zinc aims to transition to a production phase and prioritize operational excellence. The pilot demonstrations and validation of manufacturing processes will showcase the competitive advantages of this energy storage technology.
Jane Kearns, a partner at Evok Innovations, emphasized that e-Zinc’s ability to extend durations at a low cost sets it apart from competitors, making it an attractive solution for various applications.
Expansion of Leadership Team
To support this growth phase, e-Zinc has strengthened its leadership team with industry experts: Rhonda Landers (CFO), Zakiul Kabir (CTO), Rob Howard (COO), and Balakrishnan Iyer (CCO). Their experience is crucial for developing and scaling the company’s operations.
Market Outlook and Investment Significance
The investment in e-Zinc reflects the growing interest in cost-effective, long-duration energy storage solutions. This funding positions the company to play a key role in the sector by offering competitive and reliable storage solutions.