Long-duration energy storage firm e-Zinc raises further USD 31m

Toronto, Canada-based developer of zinc-based long-duration energy storage technology e-Zinc has raised USD 31 million (EUR 29m) in funding that it plans to use to accelerate product development and complete the construction of its pilot manufacturing facility in Mississauga, Ontario.

The funding round, announced today, is follow-on funding to the company’s USD-25-million Series A round, completed in 2022. The new investment was led by Evok Innovations. Also participating were Mitsubishi Heavy Industries, Export Development Canada (EDC) and Ultratech Capital Partners, as well as existing shareholders, including Toyota Ventures, Eni Next, Anzu Partners, BDC and Graphite Ventures.

e-Zinc will aso use the funding to carry out field demonstration projects it is partnering on with Toyota Tsusho Canada Inc and the California Energy Commission.

“With this new investment, we are well positioned to transition to a production-oriented stage and focus on our operational excellence,” said chief executive James Larsen. “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,” the CEO added.

(USD 1 = EUR 0.935)

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