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E-Zinc Obtains USD 31M Funding to Advance Commercialisation Initiatives

This funding will accelerate e-Zinc’s establishment of a manufacturing base that will enable commercialization of its long-duration energy storage solution.

June 29, 2024. By News Bureau

E-Zinc have announced that it has raised an additional USD 31 million in follow-on funding. The company plans to use this financing to accelerate product development and complete the construction of its 42,000 sq.ft pilot manufacturing facility in Mississauga, Ontario.

The oversubscribed Series A2 round was led by Evok Innovations, with additional investments from Mitsubishi Heavy Industries, Export Development Canada (EDC), and Ultratech Capital Partners.

This funding will increase e-Zinc’s establishment of a manufacturing base that will enable commercialization of its long-duration energy storage solution, which promises lower cost and increased safety compared to conventional batteries. Participating at the event were the company's current shareholders, which included Graphite Ventures, Toyota Ventures, Eni Next, Anzu Partners, and BDC.

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

By using this new investment to carry out these field demonstration projects, e-Zinc will validate that its zinc-air batteries have the capability to store 24 hours of energy, which is approximately 10x that of traditional batteries. The innovative electrochemical technology based on zinc offers an energy storage solution that is durable, affordable, versatile, fire-resistant, and readily recyclable.

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