Nickel-zinc battery producer ZincFive said it raised $54 million in Series D funding, bringing its total funding since inception to $139 million.
The latest funding round was led by Helios Climate Ventures.
The funding is expected to furthr ZincFive’s penetration into existing markets including data centers, intelligent transportation, and industrial engine starting. The funding is also expected to accelerate the build-out of production capacity to meet rapidly growing customer demand.
In addition to Helios, new investors include OGCI Climate Investments and Japan Energy Fund, among others.
The company traces its technology to the early 1900s and early patented work on nickel-zinc batteries by Thomas Edison. He was drawn to the battery’s high energy density, efficiency, and temperature tolerance advantages compared to other chemistries. He was unable, however, to apply the technology commercially due to poor cycle life.
Work in advanced electrolyte formulation by PowerGenix enabled a significant increase in battery cycle life. ZincFive said this work and subsequent electrode integration are at the core of its electrochemistry.
