Zinc-ion battery developer Enerpoly raises $ 1.5 million seed funding
Swedish firm Enerpoly that develop develops zinc-ion batteries as a sustainable solution for stationary energy storage has recently closed a $1.5 million seed round. The company has said that the latest funding will go to pilot projects for demonstrating the zinc-ion battery technology.
"The energy crisis affects everyone. Enerpoly is an interesting company because they are working on solving the very important problems of affordability and supply chain reliability in energy storage. Energy storage development is essential in these times when energy security, access and sustainability are becoming critical for the Nordics", said Eirik Winter, a lead investor.
Enerpoly's patented technology uses cost-effective raw materials, such as zinc, which can be sourced in Sweden and Europe. This can contribute to the region's global competitiveness within the fast-growing battery industry, according to the company.
Europe is lagging China and USA in securing raw material supply for energy and mobility systems. Zinc-ion technology can help Europe catch up in the global race, in establishing both strategic autonomy and sustainability for its clean energy system, it added.
The raw materials also contribute to the battery's affordability and safer battery manufacturing. The manufacturing process and components of zinc-ion batteries are water-based, meaning they are non-flammable, non-toxic, and non-explosive.
"The battery industry is struggling to set up local supply chains and production infrastructure to ensure future stability. That's why it's so important that Enerpoly's technology is built on globally abundant materials and that we aim to establish battery manufacturing right here in Sweden, with a technology that uses materials that can be sourced in Sweden. In fact, large amounts of zinc were recently discovered in the silver mines of Sala." Eloisa de Castro, CEO of Enerpoly.
The purpose of Enerpoly's seed round is to finance upcoming pilot projects that demonstrate the zinc-ion battery technology and enter a fast-growing billion-dollar market. The pilots will be carried out in Sweden, Europe and globally in collaboration with energy storage innovators, such as Polarium, one of the first companies to use lithium-ion technology for the telecom industry. Pilots are expected to commence in 2023.
"The pilot customers make up nearly 10 percent of the global energy storage market. Now they're exploring Enerpoly zinc-ion batteries for applications that they expect to grow significantly in the next 3-5 years. Together, we can move toward building a future where everyone has access to clean energy." Eloisa de Castro.