Nickel-Zinc battery startup ZincFive raises $13.1 million in series C funding
US-based company innovating in nickel-zinc batteries ZincFive has raised $13.1 million in Series C funding, bringing its total funding to $40 million since its inception. The growth capital will support the new product development and expansion of manufacturing operations, according to the company.
ZincFive's patented nickel-zinc battery technology offers significant advantages over traditional battery chemistries. The company claims that these batteries are ideal for high power density applications where safety is critical.
Nickel-zinc batteries offer superior performance and safety characteristics combined with green battery chemistry offering a low maintenance, long operating life and wide operating temperature range, it adds.
"Our customers are thrilled with our nickel-zinc batteries and solutions delivering higher performance without forcing them to compromise on safety and the environment," said ZincFive CEO and Co-founder, Tim Hysell. "The opportunity to partner with 40 North Ventures provides the capital and strategic relationships to bring nickel-zinc batteries into new global growth segments."
The funding also accelerates ZincFive's penetration into existing markets including mission critical applications in data centers and intelligent transportation as well as providing the growth capital to enter new high-power energy segments and geographies.
In addition to investments in channel and product development, the funding will accelerate the build-out of annual production capacity to meet expected customer demand. The company plans include strengthening supply chain integrity for customers with separately located production capacity.
"ZincFive's nickel-zinc battery technology makes it exactly the kind of company that is at the core of 40 North Ventures' investment thesis: to drive growth in high-potential companies in the industrials sector that solve meaningful real-world problems with sustainability in mind," said 40 North Ventures managing director Marc van den Berg, a lead investor.
ZincFive's batteries were recently tested by UL for thermal runaway according to the UL9540A Test Method at the cell level. The company's nickel-zinc batteries did not exhibit thermal runaway in any of the five arduous and destructive test types that comprise the test method, thereby achieving a breakthrough in battery safety at the cell level.