Long-duration storage company E-zinc raises $31m in series A2 funding round

July 2, 2024

Zinc-air battery long-duration storage company E-Zinc has raised an additional $31 million in follow-on funding after its $25 million Series A round.

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

Existing shareholders in E-Zinc also participated, including Toyota Ventures, Eni Next, Anzu Partners, BDC, and Graphite Ventures. E-Zinc plans to use the financing to accelerate product development and complete the construction of its 42,000 sq. ft pilot manufacturing facility in Mississauga, Ontario.

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

Jane Kearns, partner at Evok Innovations, added: “E-Zinc has the potential to revolutionise the long duration energy storage market. The company’s ability to scale durations at very low cost sets it apart from competitors and makes it an extremely attractive solution for both off- and on-grid applications. Evok is excited about the company’s mission to accelerate the clean energy transition and enable a net zero future, and the Evok team looks forward to supporting the company as it works to achieve this mission.”